Bitcoin fell to a four-month low near $62,000 on Sunday, extending a selloff across major digital assets before recovering some of its losses.
The cryptocurrency dropped to a 24-hour low of $62,080.91, according to CoinGecko, its weakest level since July. It later rebounded above $65,000 but remained down nearly 15% over the past seven days.
Broader market weakness
The downturn extended beyond Bitcoin. Ether was down 19.5% over the past week, while Solana lost 20.7%, CoinGecko data showed. The total value of the cryptocurrency market fell about 4% over 24 hours to $2.26 trillion.
Market sentiment also deteriorated. The Crypto Fear & Greed Index fell to 10 on Sunday from 13 on Saturday and 20 on Friday, remaining in “extreme fear,” according to Alternative.me.
ETF outflows and liquidity concerns
The move followed Friday’s slide below $70,000, as analysts reported weakening investor sentiment and concerns over institutional outflows and tighter liquidity.
The latest decline came after US spot Bitcoin exchange-traded funds posted $2.35 billion in net outflows over two consecutive weeks. The funds lost $1.07 billion during the week ended Nov. 13, following $1.28 billion the previous week.
BlackRock’s iShares Bitcoin Trust extended its outflow streak to 11 trading sessions on Friday.
