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