Bitcoin Slides to 2024 Low as ETF Outflows Hit a Record

Bitcoin sank to $59,073, its lowest level since October 2024, according to CoinMarketCap. Julio Moreno, CryptoQuant's head of research, told U.Today that the latest retreat has pushed the market close to setting a fresh low for the current bear cycle. Bitcoin briefly slipped below $60,000 on Friday before rebounding to about $61,000 in Asian trading, but still finished the week down 16%. The selloff followed stronger-than-expected U.S. employment data, prompting investors to reprice expectations that interest rates may stay higher for longer. Pressure increased as U.S.-listed Bitcoin ETFs recorded a weekly record net outflow. Alongside a firmer U.S. dollar and rising Treasury yields, the capital leaving ETFs added to the strain on risk assets. Stocks, bonds and cryptocurrencies all weakened in the same session. CryptoQuant said global Bitcoin demand has fallen to the lowest level of this cycle. Its data shows total demand down 501,000 BTC, with spot demand falling 272,000 BTC over the past 30 days and futures demand down 229,000 BTC. The firm said the market is now focused on whether demand stabilizes, noting that the pace of contraction is nearing levels seen after the Terra/Luna collapse. Similar conditions were observed in November 2023 and April 2025, when sentiment was also notably weak.