NEW YORK, June 24, 2026 – Bitcoin has slipped below the $60,000 threshold once again, marking the second such breach this month. The leading cryptocurrency was trading at $59,570, down $2,723 from its previous close, and briefly touched a session low of $59,102. The decline reflects a broader shift in market sentiment as retail interest wanes and institutional flows pivot toward artificial intelligence equities.
Ether and Broader Crypto Weakness
Ether, the second-largest digital asset, also experienced downward pressure, trading at $1,569.62 near its intraday low. The weakness extended beyond bitcoin, signaling a broader pullback across the cryptocurrency space. Market observers note that the sell-off is not isolated, as risk appetite has rotated toward sectors perceived as having stronger growth narratives.
ETF Outflows and Institutional Shifts
Deutsche Bank highlighted bitcoin's drop below $60,000 as a key indicator of changing market dynamics. The bank pointed to U.S. spot bitcoin exchange-traded funds (ETFs), which have recorded approximately $6 billion in net outflows over the past six weeks. Marion Laboure, a Deutsche Bank analyst, noted that the marginal buyer is no longer a retail investor but an ETF allocator or corporate treasury, as reported by CoinDesk. The bank also cited Federal Reserve rate pressures and a rotation into AI-related stocks as contributing factors.
AI Stocks Attract Capital
AI stocks have continued to draw significant investor interest. South Korea's SK Hynix filed on Wednesday to raise nearly $30 billion through a U.S. offering, underscoring the sector's capital appetite. The Nasdaq Composite added 0.8% at midday, while bitcoin was down 3.2%, highlighting the divergence in market flows.
Philippe Laffont, the billionaire hedge fund manager, expressed reduced conviction in bitcoin, telling CNBC, “I don’t know what to think about Bitcoin anymore.” He indicated he is “a little bit more worried” and singled out SpaceX and AI firms as more straightforward growth bets, according to CoinDesk.
Bitcoin's Declining Dominance
Bitcoin's market share has eroded over the past year. Reuters reported earlier this month that bitcoin's dominance fell to approximately 56%, down from 63% a year ago. Meanwhile, stablecoins—tokens pegged to fiat currencies like the U.S. dollar—have increased their market share to about 13% from 7%.
Bitcoin is currently trading about 50% below its October peak, according to Bloomberg data cited by The Edge Malaysia. The report also noted that Strategy Inc sold 32 bitcoin earlier this month, its first sale since 2022, raising concerns that large corporations might begin to unload their holdings.
Outlook and Key Levels
10x Research founder Markus Thielen warned that bitcoin could drop to $55,000 before establishing a cycle low. “The implication is patience now, attention in late August,” Thielen wrote, as reported by CoinDesk. The selling pressure may ease if U.S. crypto legislation advances or ETF inflows resume. Steve Kurz, global co-head of digital assets at Galaxy, mentioned the Clarity Act, a bill focused on crypto oversight, and noted that “there is intent to get this done and there is a legislative calendar.” However, continued ETF outflows or new corporate selling could leave few buyers near the $60,000 level, as The Edge Malaysia reported.
