Bitcoin Drops Below $60,000 to 20-Month Low Amid Record ETF Outflows and Hawkish Fed Signals

Bitcoin breached the critical $60,000 psychological support on Wednesday, hitting an intraday low of $59,023, its lowest level since October 2024. According to data from The Block and CoinShares, the downturn is primarily fueled by a record six-week streak of net outflows from U.S. spot Bitcoin ETFs, totaling $5.94 billion over the past 30 days. Notably, BlackRock’s IBIT recorded a record $528 million single-day outflow on May 28. Macroeconomic pressures have intensified following April's U.S. job openings report, which showed a rise to 7.62 million. Cleveland Fed President Beth Hammack signaled potential rate hikes if inflation persists, causing 10-year Treasury yields to climb above 4.45%. While 21Shares maintains a $100,000 year-end target, Arthur Hayes warns of a potential $40,000 bottom, and CryptoQuant identifies the average investor cost basis at $53,000.