Bitcoin fell below $60,000 on June 24, approaching a significant low of roughly $59,100 that was first established on June 5. That puts BTC at levels not seen since approximately September or October 2024, a 20-month trough that would have seemed improbable when the asset was flirting with its all-time high less than a year ago.
The culprit is not a single event but a slow bleed of confidence. Retail investors are rotating out of crypto and into AI-related equities, US Bitcoin ETFs hemorrhaged approximately $6.4 billion in net outflows during May alone, and the broader tech sector is grappling with chip sell-offs that have rattled risk-on assets across the board.
A multi-week slide with no floor in sight
In early June, BTC dropped to around $69,000, its lowest price since April 7. From there, selling pressure intensified. Bitcoin ground lower through mid-June, eventually piercing the psychologically important $60,000 level. The asset now sits roughly 52.6% below its all-time high of approximately $126,272, which was reached in October 2025.
The damage extends beyond Bitcoin itself. DeFi’s total value locked, the combined dollar amount deposited in decentralized finance protocols, also fell to a 20-month low during June.
