BTC falls over 14% this week as institutional outflows and volatility surge amid macro uncertainty and Mt. Gox concerns.
Bitcoin slid below $63,000, hitting its lowest level since February, as a broader selloff erased 14% of its value this week. The decline extends a four-week drop of 21%, driven by waning institutional demand and heightened volatility.
Thirty-day implied volatility surged to 53.17, the highest since early April, while U.S.-listed spot bitcoin ETFs saw a 13th straight day of outflows, totaling $50 million on Wednesday. Analysts cite a lack of fresh catalysts and fears of Mt. Gox-related selling as key risks.
Support levels are now eyed at $60,000, with some market participants suggesting $50,000 could act as a potential bottom. The selloff reflects broader macro uncertainty and rotation into sectors like artificial intelligence.