After Bitcoin’s price saw a sharp decline over the past few hours as it retested the $58,000 level, which had not been recorded since late 2024, its exchange-traded fund (ETF) market, in turn, bled sharply.

Although Bitcoin funds have continued to see consistent daily outflows over several months, inflows recorded during the latest trading session were the highest in the last month.

Application for Bitcoin funds is suspended:

According to data provided by SosoValue, Bitcoin funds saw a combined net outflow of $696.29 million during the last 24-hour trading session.

This is the largest decline the funds have faced since May 27, indicating that selling pressure from institutional investors continued to build, at a time when the market was anticipating a recovery.

While the huge drawdowns seen by funds coincided with stronger downward pressure on Bitcoin, which pushed the currency’s price to test the $58,000 level, it appears that this volatile price movement affected cautious investors’ decisions towards this Bitcoin-related investment product.

However, the sudden drop in Bitcoin’s price, which was accompanied by a strong wave of institutional selling, has raised concerns about the currency’s ability to recover in the short term.

Bitcoin price stabilizes below $60,000:

Since the rapid decline seen over the last day, Bitcoin has continued to trade below the $60,000 level, showing a steady daily decline in its price action.

As weak momentum pushed the coin’s price to test $58,000, speculations emerged on the coin’s floor and market participants are closely watching the upcoming price action.

At the time of writing, Bitcoin price is trading at $59,401, down 2.98% in the last 24 hours. Between the currency’s decline and continued institutional selling, Bitcoin presents investors with a bleak outlook.

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