BTC's drop to its lowest level since late 2024 reflects a hawkish Federal Reserve, exchange-traded fund outflows and a shift of capital into AI, the bank said.

BTC's drop to its lowest level since late 2024 reflects a hawkish Federal Reserve, exchange-traded fund outflows and a shift of capital into AI, the bank said.

Bitcoin trades under $63,000 ahead of PCE data Thursday on, which analysts say is the market's next key test.