Bitcoin has slipped to its lowest level since late 2024, with Deutsche Bank identifying three distinct forces driving the selloff: a Federal Reserve that remains hawkish longer than crypto bulls anticipated, net outflows from spot Bitcoin ETFs that had previously been a reliable demand pillar, and a broader capital rotation away from speculative assets and toward AI-related equities. The ETF outflow signal is particularly notable — these vehicles were meant to provide steady institutional demand, so sustained outflows suggest a change in institutional sentiment, not just retail jitters.
The setup that follows is whether $60K holds as a recognized technical and psychological level or whether the removal of ETF bid support creates a vacuum that drags price toward the next major cluster around $50–52K. Key things to watch: weekly ETF flow data, Fed commentary on rate trajectory, and whether AI equity momentum continues to absorb risk capital that might otherwise flow into crypto.