Bitcoin slid below $60,000 on Tuesday, putting the token on track for its worst monthly performance since June 2022 with a June decline of more than 19%. The world's largest cryptocurrency has shed 33% year-to-date, contrasting with the S&P 500's 8% gain. David Grider of Finality Capital Partners said he does not expect a bottom until September or October, adding that $40,000 or $45,000 would not be unreasonable. US-listed spot bitcoin ETFs are set for their largest monthly outflows since their January 2024 launch, with investors withdrawing more than $4.1 billion across the 13 funds in June, according to Bloomberg data. Compass Point analyst Ed Engel noted that this cycle has not had major insolvencies related to leverage or fraud, with most deleveraging contained within decentralized markets.
MicroStrategy IncorporatedMicroStrategy holds significant Bitcoin; Bitcoin's price drop and ETF outflows negatively impact its asset value.