Bitcoin Price Drops Below $64K Once More Amid Ongoing Outflows from Spot Bitcoin ETFs
Bitcoin’s price struggles persist as the asset faced resistance at $66,400 and dipped towards $64,000 for the third time within the week. The broader altcoin market also saw a downturn, with significant declines observed, particularly in the meme coin sector.
BTC’s recent price movements have been less than stellar, with the cryptocurrency experiencing a series of setbacks after briefly touching $70,000 last week. However, failed attempts to sustain upward momentum led to sharp corrections, pushing the price below $65,000 by the end of the week.
Following a relatively uneventful weekend where Bitcoin managed to regain some ground, the new week started with a push towards $67,000, only to be met with strong selling pressure that drove BTC to a monthly low of $64,000. Despite a rebound, Bitcoin struggled to maintain levels above $64,000 after a rejection near $66,500.
These price fluctuations coincide with ongoing outflows from spot Bitcoin ETFs, with withdrawals nearing $140 million following a pause on June 19. Notably, GBTC surpassed FBTC in outflows for the first time in days.
As a result of the recent price drops, Bitcoin is down 2% on the day, with its market capitalization dropping to $1.265 trillion. Nevertheless, its dominance over alternative coins has slightly increased to 51.5%.
In contrast to BTC, altcoins are facing even greater challenges, with many recording significant losses. Ethereum (ETH) is down over 3%, trading below the key support level of $3,500, while Binance Coin (BNB) has also declined by a similar percentage, dropping to $583.
Among the broader altcoin cohort, notable decliners include SOL, SHIB, DOT, LINK, XRP, DOGE, and ADA. However, the most substantial daily losses are seen in meme coins, with WIF hitting a multi-month low, followed by JASMY, BONK, BRETT, PEPE, and FLOKI, all experiencing declines of over 8% in a single day.
The collective market capitalization of all cryptocurrencies has shrunk by approximately $50 billion within a day, reflecting the overall bearish sentiment across the market.
