Bitcoin recently dropped to $59,073, hitting its lowest level since October 2024. According to Julio Moreno, Head of Research at CryptoQuant, as cited by U.Today, this pullback has brought the market close to a new low for this bear cycle.
Bitcoin briefly fell below $60,000 on Friday. It later rebounded to around $61,000 during the Asian session, but still ended the week down 16%. This decline was linked to strong U.S. employment data, which led markets to reassess expectations that interest rates will remain elevated for longer.
ETF outflows intensify pressure
Bitcoin also experienced a record net outflow from ETFs this week. Combined with rising U.S. dollar strength and higher Treasury yields, this outflow of market capital further pressured risk assets. Stocks, bonds, and cryptocurrency markets all weakened on the same trading day.
CryptoQuant also noted that global Bitcoin demand has fallen to the lowest level of this cycle. Its data shows an overall decrease of 501,000 BTC, with spot demand dropping by 272,000 BTC over the past 30 days and futures demand declining by 229,000 BTC.
The market is paying attention to subsequent demand.
The institution noted that the current pace of demand contraction is approaching the level seen after the Terra/Luna collapse. Similar conditions occurred in November 2023 and April 2025, when market sentiment was similarly weak.