Bitcoin fell 2.7% to $59,918.5 by 01:57 ET (05:27 GMT) on Friday and was down nearly 7% for the week. The move kept the largest cryptocurrency below key price levels amid a wider sell-off in risk-driven assets, particularly equities.<\/p>\n
Data from SoSoValue showed that spot Bitcoin ETFs saw outflows for a seventh straight week, with $1.35 billion withdrawn over the past week. Outflows accelerated again after a brief slowdown in the previous two weeks, indicating weakening institutional and retail appetite for crypto.<\/p>\n
Investors have increasingly favored assets with clearer fundamentals, especially artificial intelligence-related stocks, which have outperformed cryptocurrencies in recent years. Although the AI sector experienced a setback this week, it did not result in notable rotation into digital assets.<\/p>\n
Crypto markets remained under pressure from expectations of persistently high U.S. interest rates. The Federal Reserve maintained a hawkish stance last week, and the latest Personal Consumption Expenditures (PCE) price index data released on Thursday showed inflation staying sticky and above the Fed\u2019s 2% annual target. This dynamic could provide further impetus for additional rate hikes, a scenario that tends to weigh on speculative assets such as cryptocurrencies, which do not offer direct yields.<\/p>\n
Separately, Binance, the world\u2019s largest crypto exchange, failed to secure a license in Greece under the European Union\u2019s new Markets in Crypto-Assets (MiCA) framework. Without this license, the exchange cannot use Greece as a base to operate across the EU under the upcoming passporting regime. Binance stated that users would retain access to their assets and that it will seek authorization in another EU member state. Binance\u2019s BNB token fell 2% on Friday following the development.<\/p>\n
Broader crypto prices also weakened on Friday. Ether, the second-largest cryptocurrency, slid 6.4% to $1,548.27, trading near a 14-month low. XRP declined 0.3%, while Solana and Cardano each lost more than 4%.<\/p>\n
Among memecoins, Dogecoin fell 3.5%, and $TRUMP dropped 2.9%, reflecting limited buying interest across the altcoin and memecoin segments amid ongoing macroeconomic and regulatory uncertainty.<\/p>\n
Why is Bitcoin trading below $60,000 this week?<\/strong> How much money flowed out of spot Bitcoin ETFs this week?<\/strong> What recent regulatory development affected Binance?<\/strong> How did major altcoins perform on Friday?<\/strong>
Bitcoin is trading below $60,000 due to sustained outflows from spot Bitcoin ETFs, broader risk aversion in financial markets, and concerns over higher-for-longer U.S. interest rates.<\/p>\n
Spot Bitcoin ETFs saw outflows of $1.35 billion this week, marking the seventh consecutive week of net withdrawals.<\/p>\n
Binance failed to obtain a MiCA-related crypto license in Greece, meaning it cannot use Greece as a regulatory base to passport its services across the European Union under the new regime.<\/p>\n
On Friday, Ether fell 6.4% to $1,548.27, XRP dipped 0.3%, Solana and Cardano each declined by more than 4%, Dogecoin dropped 3.5%, and $TRUMP decreased by 2.9%.<\/p>\n