Bitcoin's price fell further, recently touching $60,000 on the morning of 6 Feb 2024 GMT+7 before slightly rebounding to around $65,000. This marks a 48.8% drop from its all-time high in October last year.
Just a day earlier, Bitcoin's price fell below $70,000, followed by a rapid increase in selling pressure, pushing the price close to pre-U.S. presidential election levels. In just this week, Bitcoin declined nearly 30%.
This drop marks Bitcoin's lowest value since October 2024, and the ripple effect has spread to other tokens, related ETFs, and companies like Strategy holding significant Bitcoin amounts.
Other cryptocurrencies have also faced heavy sell-offs. Ether dropped 33% this week, while Solana fell to $88.42 on Thursday, its lowest in nearly two years, down almost 40% within a week.
At one point during trading, Bitcoin hit a low of $60,074 (according toCoinMarketCap) amid intensified crypto market sell-offs. Investors began reassessing Bitcoin's "real utility" after it had previously been praised as an inflation hedge, protection against global economic risks, an alternative to fiat currencies, and a traditional safe-haven asset like gold.
The market showed signs of fragility earlier in the month as rising geopolitical tensions unsettled global financial markets, prompting investors to reduce risk exposure. This triggered a sharp Bitcoin decline starting mid-January, leading to a "sell cycle" where funds sold assets to meet redemptions and close leveraged positions, intensifying selling pressure.
Marion Laboure, an analyst at Deutsche Bank, said Wednesday, “The ongoing sell-off reflects traditional investors losing interest, and overall confidence in the crypto market is deteriorating.”
Investor caution increased as many claims about Bitcoin could not be proven. Recently, Bitcoin's price often moved in line with risky assets like stocks, especially during geopolitical and economic tensions, while its use as a medium of exchange remains limited.
Although institutional investors were once seen as key supporters of Bitcoin's price, recently this group has clearly started reducing holdings.
Previously, inflows into U.S. Spot Bitcoin ETFs helped support Bitcoin's price throughout 2025, with tens of billions of dollars invested. However, this trend reversed amid sharp price declines.
Bloomberg data shows about $2 billion flowed out of Bitcoin ETFs in the past month alone, with over $5 billion exiting in the last three months.
Ilan Solot, senior global market strategist at Marex, believes this sell-off stems from multiple factors: declines in certain tech stocks, gold's superior returns, a general market risk-off mood, and fundamental questions about crypto valuation frameworks.
“The short-term outlook may remain bearish, but the worst might be over,” he said, adding, “Historically, such downturns often become buying opportunities for long-term investors, who likely see it this way too.”
Follow the Facebook page: Thairath Money at this link -https://www.facebook.com/ThairathMoney