Bitcoin Climbs Back Above $91,000

Bitcoin continued its descent to around $58,000 in late June, hitting its lowest level since September 2024 and extending its decline to roughly 50% from last year's record high. The cryptocurrency remained under pressure amid weakening institutional demand and persistent macroeconomic headwinds. US-listed spot Bitcoin ETFs have recorded net outflows of about $2.92 billion so far this month, while concerns over persistent inflation and growing expectations that the Federal Reserve will hike interest rates this year further dampened risk appetite. Meanwhile, markets awaited the expiry of about $10 billion in Bitcoin options on Friday on Deribit, with most of the contracts representing bullish bets that have lost value as Bitcoin declined, potentially prompting traders to adopt a more defensive stance and adding to expectations of heightened volatility.

The Bitcoin touched 59140.00 against the BTC, the highest since October 2024. Over the past 4 weeks, Bitcoin US Dollar lost 23.38%, and in the last 12 months, it decreased 44.89%.

Bitcoin rose to around $65,000 in mid-June, its highest level in two weeks, rebounding from recent lows that saw it fall to as low as $59,000, supported by improved risk sentiment following reports that the US and Iran had reached a peace deal. Both countries said they had agreed to end the nearly four-month conflict and reopen the Strait of Hormuz, with the agreement set to be signed later this week. Earlier this month, Bitcoin came under selling pressure, sliding to its lowest level since October 2024 after Strategy Inc., one of the largest corporate Bitcoin holders and widely viewed as a proxy for the cryptocurrency under its digital asset treasury model, sold part of its holdings, a move that heightened investor sensitivity. The decline also coincided with a shift in institutional capital toward AI-related stocks. Meanwhile, spot Bitcoin ETFs continued to record substantial outflows, while institutional demand remained subdued.