Bitcoin has dropped to $59,100, the lowest level since October 2024

Last week, Bitcoin reached $59,100, the lowest level since October 2024, influenced by capital outflows from spot ETF funds, the liquidation of speculative positions, and the deterioration of investor sentiment, according to an eToro analysis. It highlighted that spot bitcoin ETFs recorded net outflows of over $4.7 billion, with 13 consecutive days of sales.

Additionally, long positions in futures contracts worth over $2 billion have been liquidated since June 1. Market sentiment has deteriorated due to macroeconomic uncertainties, including potential interest rate hikes by the Federal Reserve.

In contrast, Worldcoin (WLD) rose by 23% last week, driven by expectations of a reduction in the token release rate. The analysis also mentions plans by some American banks to launch a network of tokenized deposits, highlighting the acceptance of blockchain technology in the financial sector.