The cryptocurrency market experienced a notable shift as Bitcoin’s value continued to decline, trading just under $63,000. This downturn is attributed to large investors pulling their funds from the cryptocurrency market, redirecting them towards the booming artificial intelligence sector and upcoming technology stock listings.
On Monday afternoon, Bitcoin was valued at $62,959, marking a continued decrease after losing approximately 15% of its value in the first week of June. This decline is largely driven by institutional investors withdrawing billions from U.S. spot exchange-traded funds (ETFs) over the past month.
Data indicates that more than $4 billion has been withdrawn from U.S. spot bitcoin ETFs since mid-May, with $1.4 billion of that occurring in the first week of June alone. Analysts suggest that capital is moving away from digital assets and into semiconductor and technology funds.
Vikram Subburaj, CEO of Giottus, noted, “Bitcoin’s decline during the first week of June presents an unusual picture. The available on-chain data does not show the capitulation that has accompanied previous major market breakdowns. The clearest sign of stress comes from institutional flows.”
The current Bitcoin price is nearly 50% below its all-time high of $126,199, reached in October 2025. Market sentiment has turned cautious due to geopolitical tensions in the Middle East, anticipated tech initial public offerings (IPOs) such as SpaceX, and profit-taking by major holders.
Despite the broader market decline, corporate accumulation of Bitcoin continues, albeit at a slower pace. Strategy Inc., a corporate holder, reported acquiring 1,550 Bitcoin between June 1 and June 7 for $101.3 million, at an average price of $65,332 per coin. This acquisition brings the company’s total holdings to 845,256 Bitcoin.
Market participants are now focusing on macroeconomic data expected later in the month, including the June 10 U.S. inflation report and the mid-June Federal Reserve policy meeting, which are anticipated to influence broader market liquidity.
Original reporting: Tampa Free Press — read the source article.
