Bitcoin falls back under $60,000, hitting its lowest level since October 2024
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- Bitcoin dropped more than 4% to $59,548.19, touching a low of $59,023.98 — its weakest level since Oct. 10, 2024, and the third sub-$60,000 reading this year.
- The flagship crypto is in roughly its eighth month of a bear market, squeezed by capital rotating into AI stocks, hot IPOs, and prediction markets while Iran war inflation pressures keep the Federal Reserve focused on price stability.
- OranjeBTC's Sam Callahan credited relatively muted declines to a maturing investor base, saying Bitcoin is "not as volatile as it was in previous bear markets" because the market is now larger, more liquid, and more institutionalized.
- Bitcoin ETFs shed $182 million this week, putting them on pace for a seventh consecutive week of net outflows; total spot ETF assets have fallen to $77.5 billion from roughly $113 billion at year-end 2024.
- The CLARITY Act, the crypto market structure bill, has about five weeks to clear a key legislative hurdle before Congress' summer recess — otherwise it will likely be pushed to the fall.
Why it matters: Bitcoin's third sub-$60,000 trip this year deepens an eight-month bear market that has erased roughly $35 billion from spot ETF assets since year-end 2024. Institutional participation is cushioning the drawdown versus past crypto winters, but the CLARITY Act's five-week legislative window is closing fast.
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