Bitcoin Price Halves From Record High Amid ETF Outflows

The price of Bitcoin, the world's largest cryptocurrency by market capitalization, has recently fallen below $60,000, marking a 52-week low.

According to cryptocurrency data provider CoinMarketCap on June 13, Bitcoin dropped to the $59,000 range on the morning of June 6.

Since then, it has been fluctuating between the $59,000 and $64,000 range.

Bitcoin has been on a downward trend since peaking last October. Compared to its all-time high of $126,198 on October 7 of last year, the price has fallen by more than half.

This weakness is attributed to a combination of factors, including capital outflows from spot Bitcoin exchange-traded funds (ETFs), Strategy's decision to sell Bitcoin, and the listing of SpaceX.

According to Tiger Research, more than $2.3 billion (approximately 3.5 trillion won) flowed out of spot Bitcoin ETFs last month, marking the largest monthly outflow this year.

The launch of perpetual futures products related to traditional assets, such as stocks, by overseas derivatives exchanges has also dispersed demand for leverage, negatively impacting Bitcoin liquidity.

A prime example is the global cryptocurrency exchange Binance, which this month successively listed perpetual futures products allowing bets of up to 20 times on companies such as Samsung Electronics, SK Hynix, and Hyundai Motor Company.

Looking ahead, the price of Bitcoin is expected to be influenced by whether the U.S. "Clarity for Payment Stablecoins Act" (often referred to as the Clarity Act) passes the Senate and discussions regarding a "Strategic Bitcoin Reserve" (SBR).
※ Please note: This article was translated by AI and may contain errors.