Bitcoin (BTC) is concluding its worst week since February of this year as investors continue to flee cryptocurrencies and rotate capital into other assets such as stocks.
In early trading on June 5, Bitcoin was trading at $61,000 U.S., down another 3% over the past 24 hours. For the week, the largest cryptocurrency is down 13%.
Bitcoin and other cryptocurrencies such as Ethereum (ETH) have been battered at the start of June as the narrative around digital assets sours and liquidity rotates into technology stocks.
Analysts are beginning to sound the alarm as they see an absence of near-term catalysts that can help reverse the current slide in crypto prices.
Over the past week, Bitcoin’s so called “fear gauge” rose more than 20% as retail investors grow increasingly nervous about the current selloff.
Concerns have been elevated by news that serial Bitcoin acquirer Strategy (MSTR) sold some of its BTC holdings for the first time in four years.
At the same time, institutional investors are also pulling capital from crypto, with exchange-traded funds (ETFs) registering 13 consecutive days of outflows, the longest such streak ever.
Bitcoin ETFs have lost $25 billion U.S. of capital since May 14 of this year.
Prediction market betting on platforms such as Kalshi and Polymarket sees more losses ahead for Bitcoin.
The current betting is that Bitcoin’s price will fall as low as $50,000 U.S. during this downturn.
