Bitcoin Price Pulls Back Below $63K Amid Slowing Institutional Demand
Bitcoin's price pulled back below $63,000 on Tuesday after losing over 2.8% last week. This downturn comes amidst slowing institutional demand and modest net outflows from US-listed spot Bitcoin exchange-traded funds (ETFs), which totaled $61.53 million during the period.
The outflows may seem significant, but market experts suggest they are relatively small compared to overall demand. If institutional buying interest continues to grow, it could maintain the current corrective momentum and further cap Bitcoin's price recovery.
In related news, a fresh Coldcard wallet exploit has raised concerns about liquidation fears. According to Galaxy Research Head of Research Alex Thorn, attackers may be preparing for another coordinated attack on vulnerable Coldcard hardware wallets.