Bitcoin (BTC) fell to a four-month low near $62,000 on Sunday, marking a significant downturn as major cryptocurrencies saw heavy selling before partial recovery later in the day.
BTC hits lowest since July
According to CoinGecko, Bitcoin reached an intraday low of $62,080.91, its weakest price since July. Despite rebounding above $65,000 during Sunday trading, the world’s largest cryptocurrency remained down nearly 15% over the past week.
The broader digital asset market also suffered sharp declines. Data from CoinGecko indicated that Ether (ETH) had dropped 19.5% in the last seven days, while Solana (SOL) gave up 20.7% of its value over the same period.
Total cryptocurrency market capitalization fell roughly 4% over 24 hours to $2.26 trillion, reflecting the widespread risk-off sentiment among investors.
Investor mood sours, fear index plunges
Market sentiment deteriorated further as the Crypto Fear & Greed Index, provided by Alternative.me, declined to 10 on Sunday. This marked a sharp drop from 13 on Saturday and 20 on Friday, keeping the indicator deep in the “extreme fear” zone.
This downward move followed Friday’s break below the $70,000 level for Bitcoin. Analysts cited mounting concerns around institutional outflows and reduced liquidity, which they said have contributed to growing caution among market participants.
The Crypto Fear & Greed Index, provided by Alternative.me, declined to 10 on Sunday, a signal of “extreme fear” among investors after steady declines throughout the week.
ETF outflows and institutional selling intensify downturn
The latest wave of selling arrived as US spot Bitcoin exchange-traded funds recorded $2.35 billion in cumulative net outflows over two consecutive weeks. During the week ending November 13, these funds posted $1.07 billion in net withdrawals, while the previous week saw $1.28 billion in outflows.
BlackRock’s iShares Bitcoin Trust, the world’s largest spot BTC ETF, increased pressure on the market as it registered outflows for an eleventh consecutive trading session on Friday.
US spot Bitcoin ETFs posted $2.35 billion in net outflows over the past two weeks, with BlackRock’s fund extending its outflow streak to 11 consecutive sessions on Friday.
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