According to Deutsche Bank, Bitcoin fell by $60,000 this month, reflecting a changing pricing logic. The Bank believes that the core factor affecting BTC is no longer just retail sentiment, but rather a more pronounced shift towards Fed policy expectations, ETF financial flows and institutional allocation options.

In early June, it fell to almost a year and a half low.

The report mentions that Bitcoin fell short of $60 million on 5 June, low since the end of 2024 and then recovered to the vicinity of $62,000 to $63,000. According to Deutsche Gin, this wheelback was not triggered by a single event, but by a combination of multiple pressures.

  • The market's expectation of the Federal Reserve's policy path is shifting to a hawk.
  • American real bitcoin ETF net outflows for weeks.
  • Strategy's been selling bitcoin for the first time since 2022.

The Fed expects a crackdown on ETF outflows.

German economists now expect the Fed to increase interest rates twice in 2026. Contrary to previous market expectations of easing policies, this judgement also weakens the liquidity underpinnings on which risk assets, such as bitcoin, would have relied.

The report also states that the United States spot bitcoin ETF has recorded net outflows for six consecutive weeks, with a cumulative figure of about $6 billion. According to Deutsche Bank, after ETF has become an important channel for bitcoin prices, the continued withdrawal of funds will exacerbate downward pressure.

AI theme absorbs some of the risk funds

In addition to macro- and financial-side factors, the Bank referred to AI ' s diversion of investment to market funds. According to the report, the United States technology giant is expected to invest more than $70 billion in the construction of AI infrastructure in 2026, diverting some of its high-risk preferences to AI-related equities.

According to its analysts, the current marginal purchasers of bitcoin are more and more ETF configurors or corporate finance, rather than retail investors. This means that when agencies are configured, bitcoin is compared with AI thematic assets in the same group of risk assets.

At the time of the submission, the 24-hour drop in bitcoin was approximately 3.5 per cent, with an estimated $6.26 million. According to the Deutsche Bank, bitcoin has not lost its market position, but its volatility is increasingly influenced by institutional flows, policy expectations and regulatory progress.