Bitcoin Price Dives Below $63,000 Amid Ongoing Institutional Selling Pressure

The price of Bitcoin has fallen below $63,000 to $62,564, marking a decline of 1.6% over the past 24 hours, according to forklog.com.

Spot Bitcoin ETFs saw a net outflow of $265.37 million on July 31, while Ethereum-based instruments attracted $9.03 million and XRP- and Solana-based funds received $7.69 million and $395,390 respectively.

The Coinbase Premium Index has been in negative territory for 77 consecutive days, the longest period on record, reflecting ongoing pressure from U.S. institutional investors.

Marcus Tilen of 10x Research noted that U.S. institutions continue to sell assets, despite a recent resumption of capital inflows into Bitcoin ETFs in July.