Bitcoin Dips Below $64K as ETF Outflows Hit $900 Million

Bitcoin (BTC) fell to its lowest point in over a month, dipping below $64,000 during the European morning. This drop marks the first time BTC has fallen below this level since mid-May. The decline follows five consecutive days of outflows from spot bitcoin ETFs in the U.S., totaling $900 million, the highest outflow activity since late April. Grayscale's GBTC and Fidelity's FBTC saw the largest outflows, while BlackRock's IBIT was the only ETF with net inflows. Meanwhile, Standard Chartered is establishing a spot trading desk for bitcoin and ether, becoming one of the first global banks to enter spot cryptocurrency trading. Despite the recent dip, some analysts are still optimistic about bitcoin's prospects, predicting another leg higher before a potential recession causes widespread risk aversion.