Crypto Market Slide: Bitcoin at $59,900, Ethereum at $1,580, Market Cap Down 30%
HUT•Bitcoin traded at $59,900 U.S., its lowest in two years and down over 30% year-to-date, while Ethereum dipped to $1,580 U.S. after a 50% annual decline. Total crypto market capitalization contracted 30% to about $2 trillion as U.S. spot Bitcoin ETFs recorded $4.6 billion in net outflows.
1. Bitcoin and Ethereum Declines
Bitcoin fell to $59,900 U.S., marking its lowest level in two years and a drop of more than 30% year-to-date. Ethereum slipped to $1,580 U.S., down nearly 50% on the year and struggling to break resistance at $2,000 U.S.
2. ETF Outflows Pressure Market
U.S.-listed spot Bitcoin ETFs experienced their largest daily outflows of the month on June 25, pushing year-to-date net withdrawals to $4.6 billion U.S. These outflows contributed to a 30% decline in total crypto market capitalization to nearly $2 trillion U.S.
3. Kraken Acquires Stake in Aave
Crypto exchange Kraken is negotiating a deal to acquire a 15% equity stake in decentralized finance protocol Aave at a $385 million U.S. valuation, investing 35,000 Ethereum in exchange for 250,000 AAVE tokens. The transaction values Kraken’s investment at approximately $71 million U.S.
4. Strategy’s Dividend Funding Outlook
Bitcoin treasury firm Strategy said it has enough cash on hand to fund the preferred stock dividend for another ten months, aiming to reassure investors after its preferred shares, which yield over 12%, fell below par value in June.
