Bitcoin Price Slides Below $60,000 as Bear Market Takes Over: ETH, XRP Tumble Amid ETF Outflows

The cryptocurrency market is currently struggling with massive selling pressure on Friday, with Bitcoin trading below the $60,000 level while Ethereum (ETH), XRP, and several other major digital assets also recorded sharp losses.

At the time of writing, Bitcoin price was trading at $60,153.28, down 2.40% over the past 24 hours and 19.07% over the past month.

Bitcoin Trades in Bear Market

Bitcoin is now in a bear market, having plunged more than 45% from its all-time high of over $120,000, reached in October 2025. On Thursday, June 25, Bitcoin opened near $60,983 before falling to an intraday low of around $59,334, continuing to fall below the psychologically important $60,000 level.

Why Is Bitcoin Falling?

Several factors have had a major impact on the crypto market. Investors are pulling money out of spot Bitcoin ETFs, while uncertainty surrounding a possible delay in the US CLARITY Act, which is one of the major cryptocurrency regulation bills, has dampened market sentiment. At the same time, a huge amount of investment capital has rotated away from cryptocurrencies and into AI-related stocks, reducing demand for digital assets.

Akshat Siddhant, Lead Quant Analyst at Mudrex, said "Bitcoin recently touched a 21-month low near $58,000 after higher-than-expected US PCE inflation data triggered another round of selling. The sharp correction resulted in nearly $600 million worth of crypto liquidations within an hour, intensifying downside pressure."

He also pointed out that markets are preparing for a $10 billion cryptocurrency options expiry, which could lead to heightened short-term volatility. According to Mudrex, $56,000 remains the most important support level for Bitcoin.

"Part of the pullback came from whales selling sizable holdings, putting more supply into a market that's been slow to soak it up. Sentiment hasn't done it any favors either, a lot of investor attention and new money has been flowing into AI plays lately, which leaves crypto fighting for a smaller slice of overall risk appetite. Most see this as a wider market cooldown rather than anything broken in crypto itself." as per CoinSwitch Market Research Desk.

Top Cryptocurrency Prices Today

Among the top cryptocurrencies, Ethereum slipped 4.84% to $1,569.91, extending its monthly decline to over 22%, while XRP fell 3.82% to $1.04. Tether (USDT) remained largely unchanged at $0.9987, while USD Coin (USDC) traded at $0.9999. TRON (TRX) fell 2.10% to $0.3220, whereas Hyperliquid (HYPE) gained 1.26% over the past 24 hours, staying lower on a weekly basis. However, Hyperliquid is still one of the few major cryptocurrencies to post a positive monthly return, gaining over 11% during the period.

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