Bitcoin fell to $58,000 on June 25 as hot PCE data stoked Fed rate fears and spot ETF outflows extended to a six-day streak.

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.