For much of the past two years, Bitcoin (BTCUSD) seemed unstoppable. Every dip found buyers, spot ETFs opened the door for institutional money, and crypto bulls talked openly about a new era of mainstream adoption. But lately, that story has hit a rough patch.
Bitcoin has tumbled 27.26% so far this year, sliding below the $60,000 level and suffering one of its sharpest corrections in recent memory. Several forces have converged at once. Institutional investors have been pulling money from spot Bitcoin ETFs for weeks, removing a key source of demand that helped fuel the cryptocurrency’s historic rally. Confidence also took a hit after Strategy (MSTR), Michael Saylor’s company and one of Bitcoin’s most vocal corporate supporters, sold a portion of its holdings, unsettling a market already showing signs of fatigue.
