Bitcoin extended its slide on Friday, slipping to the lowest levels seen since October 2024. The world’s largest cryptocurrency fell about 5% to around $60,750 after briefly dipping to $59,764.90, according to market data cited by Invezz. The move leaves Bitcoin down roughly 17% for the week and more than 52% below its October 2025 peak near $126,000.
The weakness spilled over into crypto-related equities, with Coinbase, Circle, and Strategy all sliding about 8% on the day. Strategy, in particular, faced a tougher week, with losses running around 25% for the period. The selling reflects a confluence of persistent demand softness and shifting macro expectations that have reined in risk appetites across asset classes.
Key takeaways
- Price move: Bitcoin fell about 5% to roughly $60,750, briefly touching $59,764.90, the lowest level since Oct 2024. The weekly decline stands near 17%.
- Catalyst: A sale of a portion of BTC holdings by Strategy and ongoing outflows from spot Bitcoin ETFs weighed on sentiment.
- Market implications: The move underscores a broader retreat from crypto as investors rotate toward other growth areas, including artificial intelligence-related investments, amid tighter macro conditions.
- Broader backdrop: ETF flows, spot market demand, and macro data point to a cautious stance for crypto assets in the near term.
What drove the move
According to Invezz, the selloff gathered pace after Michael Saylor’s Strategy (formerly MicroStrategy) sold a small portion of its Bitcoin holdings. The move appeared to weigh on investor sentiment and triggered sizable liquidations across crypto markets. At the same time, persistent outflows from spot Bitcoin exchange-traded funds continued to temper demand for the top crypto asset.
ETF data showed Bitcoin-focused funds posted a net inflow of just $3 million on Thursday, ending a 13-session streak of outflows—the longest on record. Despite the respite, total net assets across Bitcoin ETFs fell to about $80.4 billion from $107.8 billion on May 14, underscoring a slower pace of institutional accumulation relative to earlier periods.
Several analysts cited a broader rotation away from cryptocurrencies toward artificial intelligence-related investments as a factor shaping near-term sentiment. The macro backdrop has also remained a headwind: CryptoQuant data indicated that spot crypto trading volume for April eased to about $679 billion, the lowest monthly level since October 2023, signaling weaker demand across the market.
Market reaction
Beyond Bitcoin, the broader crypto complex experienced sharper losses. Ether traded at its lowest level since April 2025, with support hovering near $1,420 before a later rebound in the year. A break below that level would bring prices closer to lows seen during the 2022 crypto bear market.
Among individual tokens, Zcash—an privacy-focused coin—fell dramatically on Friday, dropping more than 30% in intraday trading and at one point erasing more than 40% of its value after a security researcher flagged a vulnerability that could enable the creation of unlimited tokens within its shielded pool. The episode has intensified ongoing discussions within the crypto community about potential vulnerabilities as artificial intelligence systems become more capable of identifying weaknesses in software and cryptographic protocols.
Bigger picture
Macro pressures added to selling pressure as a stronger-than-expected US jobs report reinforced expectations for the path of interest rates. Higher Treasury yields weighed on risk assets, with the Nasdaq slipping by more than 2% on Friday as investors reassessed rate-cut expectations. The market has largely priced in the Fed delivering a higher-for-longer stance, with some participants expecting a rate hike rather than cuts in the near term, given persistent inflation signals and a resilient labor market.
These dynamics have fueled a broader narrative shift for crypto assets. Bitcoin has traded at times as a risk-on, high-beta technology asset, but this week’s price action aligns more with a cautious, rate-sensitive environment where speculative assets face reduced appetite. Complicating the picture is geopolitical uncertainty, including ongoing tensions in the Middle East, which had previously supported a narrative of Bitcoin as a form of digital gold. The current gap between that narrative and ongoing market momentum has led some investors to reassess Bitcoin’s role as a hedge versus a leveraged risk asset in a shifting rate regime.
On the regulatory front, progress on a major legislative catalyst for the industry remains uncertain. The Clarity Act, a proposed crypto market structure bill that many investors expected to spur renewed institutional participation, appears increasingly uncertain as lawmakers remain divided on key provisions and legislative priorities shift elsewhere.
What analysts are saying
Analysts cited a combination of factors weighing on the sector: a shift in capital toward AI equities, ongoing ETF outflows, and a cautious stance from institutional players amid a tougher rate outlook. While some see potential for a rebound if ETF inflows resume and macro conditions stabilize, others warn that the spread of negative catalysts—ranging from regulatory risk to the vulnerability of smaller tokens—could prolong the downturn in the near term.
Altcoins under pressure
Ethereum’s pullback deepened as investors weighed the risk-off environment, with Ether approaching levels seen earlier in 2025 before reversing higher later in the year. The broader altcoin complex fared less well, as traders rotated away from smaller coins amid liquidity concerns and thinning volumes. Zcash’s intraday plunge highlighted fragilities within the sector and prompted renewed scrutiny of privacy-focused tokens.
Overall, the week’s moves underscore a liquidity backdrop that can amplify swings in the crypto market when demand wavers and macro catalysts shift. Investors are weighing the durability of any sentiment-driven rallies against the persistent questions around regulatory clarity and the sector’s ability to attract sustained institutional participation in a higher-for-longer rate environment.
Looking ahead, traders will be watching for further ETF flow data, the next wave of macro releases, and any fresh regulatory developments that could alter the calculus for crypto allocations. With market expectations still recalibrating around the Federal Reserve’s trajectory and inflation dynamics, the path for Bitcoin and the wider crypto complex remains uncertain in the near term.
