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Bitcoin Falls to $61k: Weekly Losses Reach 16%
On Friday, Bitcoin fell near a four-month low and headed for a significant weekly decline amid continued institutional selling, driven by persistent tensions around the war with Iran, which is forcing traders to stay away from cryptocurrencies.
The world’s largest cryptocurrency extended its decline after Strategy, the leading corporate holder of Bitcoin, reported selling part of its holdings this week. Additional pressure on crypto markets came from a large-scale flow of capital into shares of artificial intelligence companies.
Bitcoin fell by 3.9% to $61,524.0 as of 06:26 GMT.
Bitcoin Heads for a Deep Weekly Decline Amid ETF Outflows
This week, Bitcoin has lost more than 16% amid pressure from continued institutional selling, mainly targeting spot exchange-traded funds.
Bitcoin ETFs recorded outflows of $1.4 billion this week — the fourth consecutive week with outflows exceeding $1 billion, according to SoSoValue data.
Institutional selling is taking place against the backdrop of a stronger general tendency to avoid risk, caused primarily by uncertainty surrounding the war between the United States and Iran. Over the past week, hostilities between the two countries resumed, while media reports said that Iran had suspended indirect negotiations with the United States.
Institutional selling is also partly driven by investors increasingly favouring shares of AI companies over non-yielding crypto assets. Expectations of major initial public offerings — SpaceX, as well as leading AI companies OpenAI and Anthropic — are further fuelling interest in the sector.
In addition to institutional selling, retail investors are also generally showing a cautious attitude towards Bitcoin. The Coinbase Premium Index from Coinglass, which reflects the difference between Bitcoin’s spot price on the largest US exchange and the global average, shows that the cryptocurrency is trading at a significant discount.
Crypto Market Today: Altcoins Retreat and Also Lose Ground for the Week
On Friday, the broader crypto market collapsed alongside Bitcoin, with no positive signals for the sector.
Declines in risk-asset markets are also keeping investors away from the sector, while market attention is shifting to upcoming US non-farm payrolls data for additional guidance on the state of the US economy.
Ether, the world’s second-largest cryptocurrency, fell by 7.6% to $1,654.57 and lost almost 18% over the week, reaching a 14-month low.
XRP declined by 6% to $1.1169 and lost almost 17% over the week.
Solana fell by 7.4%, while Cardano plunged by more than 18% on Friday, reaching its lowest level in more than five years. BNB declined by 4.4%.
Among memecoins, Dogecoin fell by 7%, while $TRUMP lost 10%.
See also: "Polymarket Traders Put the Probability of Bitcoin Falling Below $60,000 in June at 62%"
