Bitcoin Price Sinks Below $63k as Investors Target AI, IPOs
Bitcoin price (BTCUSD) is down by 6.3% over 24 hours to $62.919 on Thursday, driven by sustained institutional selling pressure. With about $60 billion in transaction value, Bitcoin’s decline is rooted in institutional exits and exacerbated by the unwind of derivatives.
The digital asset price reflects persistent outflows from spot Bitcoin exchange-traded funds (ETFs), with over $3.9 billion withdrawn in two weeks, directly reducing institutional demand.
The core driver is capital flight from U.S. spot Bitcoin ETFs. Data shows these funds have seen net outflows for 13 consecutive days, totalling about $3.96 billion over two weeks.
This represents direct selling pressure from institutional vehicles that were previously key sources of demand. The initial price drop triggered a massive liquidation of over-leveraged bullish positions.
More than $1.8 billion was liquidated across the crypto market in 24 hours, with Bitcoin longs accounting for over $800 million. This forced selling accelerated the decline.
The market flushed out weak, speculative hands, which can sometimes pave the way for stabilisation, but also causes sharp, volatile drops.
The immediate trigger is whether ETF outflows persist. The key technical level is the $62,500–$63,000 area, which provided intraday support during the sell-off.
If Bitcoin holds above this zone, it may enter a period of consolidation between $63,000 and $65,000. However, a decisive break below $62,500 would likely target the critical yearly support near $60,000.
Trading data showed that Bitcoin has fallen over 16% in the past month following strategic reallocation of speculative capital away from crypto and toward high-momentum sectors like artificial intelligence and a wave of anticipated IPOs, including from SpaceX and OpenAI. ZECUSD – Zcash Rises 5% after Multi-day Price Correction
