Bitcoin Plunges to Its Lowest Level Since October 2024 as Bear Market Pressure Intensifies
Bitcoin Falls to Lowest Level Since October 2024 as Bear Market Enters Eighth Month
Bitcoin (BTC) fell to $59,023 on Wednesday, June 24, marking its lowest level since October 10, 2024. The decline came as weakness in technology stocks and continued outflows from spot Bitcoin ETFs added pressure to the crypto market.
The drop marks the third time this year that Bitcoin has traded below the $60,000 level. BTC is now down roughly 52% from its all-time high of $126,080 reached in October 2025.
ETF Outflows Continue
According to SoSoValue data, spot Bitcoin ETFs have recorded net outflows of $182 million so far this week. If the trend continues, the funds will post a seventh consecutive week of net withdrawals.
Total assets under management in spot Bitcoin ETFs have also fallen to $77.5 billion, down from around $113 billion at the end of 2025.
Capital Shifts Away From Crypto
Investors have increasingly moved capital into artificial intelligence (AI) stocks, initial public offerings (IPOs), and prediction markets throughout 2026. This rotation has reduced liquidity flowing into Bitcoin and other digital assets.
Meanwhile, regulatory expectations have yet to provide a boost. The CLARITY Act, a key U.S. bill aimed at establishing a regulatory framework for the crypto industry, still faces procedural hurdles in Congress. Any delay beyond the summer recess could remove a potential catalyst for the market.
Institutional Investors Help Limit Volatility
Despite the bearish sentiment, growing institutional participation is helping reduce Bitcoin’s volatility compared with previous market downturns.
Sam Callahan, Director of Bitcoin Strategy and Research at OranjeBTC, said Bitcoin’s investor base is now larger and more liquid than in past cycles. As a result, price swings have become less extreme than during earlier bear markets.
Going forward, Bitcoin’s direction will likely depend on ETF flows and whether recently identified bottoming signals can translate into sustained buying interest.
