Bitcoin continued to decline on Wednesday, at a rate of $59,023.98, which was the lowest since 10 October 2024, and continued to fluctuate around $60,000. And for the third time this year, bitcoin fell by $60,000.

ETF successive outflows

Funding is still under pressure. Reports indicate that the total net outflow of Bitcoin ETFs since this week is $182 million, and that if the trend continues, net outflows will be recorded for the seventh consecutive week. ETF holdings also decreased from approximately $113 billion at the end of last year to $77.5 billion.

  • Cumulative net outflow this week: $182 million
  • Size of assets at the end of last year: approximately $113 billion
  • Current asset size: $77.5 billion

Macro-industry pressure added

This turnback does not come only from inside the encrypted market. Following the U.S. Science and Technology Unit's return, some of the funds shifted to the AI Concept Unit, the popular IPO and the forecast market. At the same time, the inflationary pressures of the war in Iran have also kept the Fed focused on inflation control, with risk assets under overall pressure.

At the industry level, market confidence in encrypted assets is also weakening, with some investors revisiting the unique configuration value of Bitcoin in the current environment. According to CNBC, Bitcoin is in the bear market, which lasts approximately eight months.

Clarity Bill Time Window

For the encryption industry, the Corporate Act, the market structure bill being promoted by the United States Congress, remains one of the few possible emotional changes. The report mentions that the bill requires the passage of key legislative nodes within about five weeks before the summer recess of Congress, otherwise the process may be postponed until the autumn.

Agency participation to reduce volatility

Despite a weak market mood, the fall in this round was significantly smaller than the deep retreat in past rounds of encrypted bear markets. Sam Callahan, head of the strategy and research of the Bitcoin Treasury company OranjeBT, believes that the increase in institutional involvement is one of the important reasons.

He said that today, with a larger and more liquid investor base and a less predominantly retail-based holding structure, the volatility, whether up or down, is less than in the past.