Bitcoin, the first and largest cryptocurrency by market capitalization, hit a new low, tumbling below February’s levels. Early that month, Bitcoin dropped as low as $60,062.
Bitcoin dropped as low as $59,073 on Friday, the lowest since October 2024, with analysts dubbing the price a “fresh Bitcoin bear market low.”
The drop followed a strong U.S. jobs report that caused markets to price in higher-for-longer interest rates, sending Treasury yields and the dollar up while hammering stocks.
Bitcoin fell 16% on the week amid a record streak of Bitcoin ETF outflows and a break for Bitcoin from its dominant narratives.
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Bitcoin reached $61,000 in Asian morning hours Saturday, steadying after a strong U.S. jobs report on Friday triggered a sharp selloff across stocks, bonds and crypto. The largest cryptocurrency was trading around $61,000, down about 1.3% on the day.
Fresh Bitcoin bear market low?
Julio Moreno, CryptoQuant Head of Research, tweeted “Fresh Bitcoin bear market low” as Bitcoin sees its deepest contraction of the cycle.
According to CryptoQuant, global Bitcoin demand has reached its worst level this cycle, meaning since the previous bear market, with total demand hitting -501,000 BTC, the deepest contraction of this cycle. It was observed that Bitcoin demand is contracting at a pace comparable to the post-Terra/Luna collapse period.
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Overall Bitcoin demand (speculative and spot) is down by 501,000 BTC, the fastest monthly decline since May 22, 2022. The picture remains clear if spot demand, which is down -272,000 BTC on a 30-day basis, is considered. This has been negative for almost the entire year thus far. The same is noted for futures demand, which is also down 229,000 BTC.
A similar scenario played out in November 2023 and April 2025, with the market now paying close attention, as it is often during these periods of disinterest that opportunities may arise.
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