Bitcoin recently fell to $59,073, a new low since October 2024. U.Today quoted Julio Moreno, head of research at CryptoQuant, as saying that this pullback has brought the market near a "new low for this bear market."

Bitcoin briefly fell below $60,000 on Friday. It later recovered to around $61,000 during Asian trading hours, but is still down 16% for the week. This decline is linked to strong US jobs data, leading the market to bet again that interest rates will remain high for longer.

ETF outflows exacerbate pressure

Bitcoin also saw record net outflows from ETFs this week. Market capital flight, coupled with rising US dollar and Treasury yields, further suppressed the performance of risk assets. Stocks, bonds, and crypto markets all weakened in tandem on the same trading day.

CryptoQuant also stated that global Bitcoin demand has fallen to its worst level in this cycle. Their data shows that overall demand decreased by 501,000 BTC, spot demand fell by 272,000 BTC in the past 30 days, and futures demand also decreased by 229,000 BTC.

The market is focused on subsequent support.

The agency noted that the current rate of demand contraction is approaching the levels seen after the Terra/Luna crash. Similar situations occurred in November 2023 and April 2025, when market sentiment was also similarly subdued.