Bitcoin Slides Toward $58,000

Bitcoin continued its descent to around $58,000 in late June, hitting its lowest level since September 2024 and extending its decline to roughly 50% from last year’s record high. The cryptocurrency remained under pressure amid weakening institutional demand and persistent macroeconomic headwinds. US-listed spot Bitcoin ETFs have recorded net outflows of about $2.92 billion so far this month, while concerns over persistent inflation and growing expectations that the Federal Reserve will hike interest rates this year further dampened risk appetite. Meanwhile, markets awaited the expiry of about $10 billion in Bitcoin options on Friday on Deribit, with most of the contracts representing bullish bets that have lost value as Bitcoin declined, potentially prompting traders to adopt a more defensive stance and adding to expectations of heightened volatility.