Bitcoin Price Drops Below $63,000 Amid Institutional Weakness and Coldcard Attack Concerns

Bitcoin's price has dropped below $63,000 after falling over 2.8% in the previous week, according to SoSoValue data.

The decline is linked to institutional demand showing cautious signs, with US-listed BTC spot Exchange Traded Funds (ETFs) recording a net outflow of $61.53 million last week, breaking three consecutive weeks of positive flows.

A potential Coldcard wallet attack has raised concerns among investors, with Galaxy Research Head of Research Alex Thorn warning that nearly 389 BTC was moved to newly created destinations in recent blocks.

Coldcard said it halted shipments and destroyed all remaining devices with the vulnerable firmware, but users who generated seeds on affected devices must create a new seed and move funds.