--- title: "Bitcoin Dips Below $60,000, Now Down More Than 50% From Its October Peak" description: "Bitcoin has fallen to around $60,000 — a level it last traded at in 2024 — leaving it more than 50% below the roughly $122,000 record it set in October 2025, as record ETF outflows, a hawkish Federal Reserve and a rotation into AI stocks drain capital from crypto." category: "Crypto" category_url: https://boursel.com/category/crypto author: "Hannah Blackwood" published: 2026-06-24T17:28:00.000Z updated: 2026-06-24T17:28:00.000Z canonical: https://boursel.com/article/bitcoin-breaks-below-60k tags: ["bitcoin", "ethereum", "crypto-etf", "federal-reserve", "drawdown"] --- # Bitcoin Dips Below $60,000, Now Down More Than 50% From Its October Peak Bitcoin has fallen to around $60,000 — a level it last traded at in 2024 — leaving it more than 50% below the roughly $122,000 record it set in October 2025, as record ETF outflows, a hawkish Federal Reserve and a rotation into AI stocks drain capital from crypto. Bitcoin has slipped toward $60,000, a level it last traded at in 2024, deepening one of the sharpest drawdowns of its institutional era. The token [opened June 24 at its lowest in about two weeks](https://finance.yahoo.com/personal-finance/investing/article/bitcoin-and-ethereum-prices-today-wednesday-june-24-2026-opened-at-lowest-levels-in-about-two-weeks-125349040.html), changing hands near $62,650 after dipping below $60,000 earlier in the month. Against an all-time high of about $122,000 reached in October 2025, that marks a decline of more than 50%. A *drawdown* is the percentage drop from a peak to a later low; here it measures how far bitcoin has fallen from its record. The slide has unwound months of gains in a matter of weeks. ## What is driving the sell-off The most concrete pressure has come from **ETF outflows** — money leaving the spot exchange-traded funds that hold bitcoin on investors' behalf. When holders redeem ETF shares, the funds sell underlying bitcoin, adding to downward pressure. Spot bitcoin ETFs ran a [record multi-week outflow streak that pulled billions](https://www.coindesk.com/markets/2026/06/05/bitcoin-and-ether-etfs-end-record-multi-billion-outflow-streak) from the funds — the largest since they launched in January 2024 — before the streak broke in early June. Macro forces compounded the technical selling. A more hawkish Fed under new chair Kevin Warsh has removed a pillar of demand, while a firm dollar at a 13-month high and sticky inflation have unwound the "debasement trade" that earlier lifted gold, silver and crypto together — a reversal Boursel has tracked. At the same time, capital has rotated toward AI stocks and new listings. Sentiment also took a hit from Strategy, Michael Saylor's bitcoin-heavy firm, which made its first bitcoin sale in years this month — a small disposal Boursel covered as the company's once-large premium to its coins flipped to a discount. Ether has slid alongside bitcoin, with its own spot ETFs logging a record outflow streak. ## Differing views on what comes next Analysts disagree on the path ahead, and the following are attributed scenarios, not forecasts. The research firm 21Shares argues the **bitcoin four-year cycle** — the pattern, tied to bitcoin's roughly four-yearly supply "halving," in which prices have historically boomed and then corrected — [is not broken but has evolved](https://finance.yahoo.com/markets/crypto/articles/bitcoin-hasnt-broken-4-cycle-165923681.html). The firm notes the current drawdown is far milder than the 80%-plus bear markets of past cycles and that bitcoin has held above an aggregate investor cost basis near $54,000. Others see more downside: Markus Thielen of 10x Research has pointed to a possible move toward $55,000 before any bottom. Some traders expect a relief bounce instead, noting bitcoin had already rebounded sharply off its early-June low. None of these outcomes is assured, and nothing here is investment advice.