Bitcoin ETF · Bitcoin · Federal Reserve (FED) · Bitcoin Magazine
The drop has been brutal, fast, and, for many holders
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What happened instead was a convergence of bad news that hit all at once.
Key facts
- Standard Chartered’s Geoffrey Kendrick, Global Head of Digital Assets Research, put out a client note in early June declaring that Bitcoin price’s drop to $59,000 marks the definitive cycle bottom
- Strive Asset Management added 759 BTC at an average price near $65,850
- The company, long seen as an anchor of corporate Bitcoin conviction with its “never sell” posture, sold 32 BTC between May 26–31
- Bitcoin price has crashed through $60,000, touching lows not seen since October 2024 and erasing months of gains in a matter of days
Summary
Bitcoin price has plunged below $60,000 after a perfect storm of ETF outflows, hawkish Fed signals, geopolitical inflation fears and shaken market confidence. Bitcoin price has crashed through $60,000, touching lows not seen since October 2024 and erasing months of gains in a matter of days. The drop has been brutal, fast, and, for many holders, a gut punch that raises a question nobody wants to ask: how much lower can this go? U.S. spot Bitcoin ETFs posted net outflows of approximately $113.8 million as of June 23, marking a fourth consecutive day of withdrawals. The Federal Reserve made things worse.