Bitcoin price fell by 7.11 percent over 24 hours to $62,455.58 on Thursday, driven by sustained institutional selling pressure. Generating approximately $60 billion in transaction value, the decline is rooted in institutional exits and exacerbated by the unwind of derivatives. The digital asset price reflects persistent outflows from spot Bitcoin exchange-traded funds (ETFs), with over $3.9 billion withdrawn in two weeks, directly reducing institutional demand.
The core driver remains capital flight from U.S. spot Bitcoin ETFs. Data shows these funds have experienced net outflows for 13 consecutive days, totaling about $3.96 billion over a two-week period. This represents direct selling pressure from institutional vehicles that were previously key sources of demand. The initial price drop triggered a massive liquidation of over-leveraged bullish positions, with more than $1.8 billion liquidated across the crypto market in 24 hours. Bitcoin longs accounted for over $800 million of this total, creating forced selling that accelerated the price decline. While the market flushed out weak, speculative hands—which can sometimes pave the way for stabilization—it caused sharp, volatile drops.
Technical support levels and capital reallocation
The immediate trigger for market direction depends on whether ETF outflows persist. The key technical level to watch is the $62,500–$63,000 area, which provided intraday support during the sell-off. If Bitcoin holds above this zone, it may enter a period of consolidation between $63,000 and $65,000. However, a decisive break below $62,500 would likely target critical yearly support near $60,000.
Trading data showed that Bitcoin has fallen over 16 percent in the past month. This follows a strategic reallocation of speculative capital away from cryptocurrencies and toward high-momentum sectors like artificial intelligence (AI) and a wave of anticipated IPOs, including those from SpaceX and OpenAI.
Crypto equities and macroeconomic impact
The selloff in the world’s largest cryptocurrency also dragged crypto-related stocks lower during premarket trading, impacting corporate holders, exchanges, and mining firms alike. Among corporate holders and exchanges, shares in Strategy, the largest corporate holder of Bitcoin, fell about 1.5 percent, while Coinbase slipped 1 percent and Circle lost 1.2 percent. Crypto mining firms experienced even steeper declines, as MARA Holdings and Riot Platforms dipped about 4 percent each, CleanSpark shed 5.7 percent, Hut 8 lost 5.5 percent, and Core Scientific dipped 4.5 percent.
The decline extended a broader retreat from risk assets as geopolitical tensions in the U.S.-Iran conflict pushed international investors toward safer haven assets.