Bitcoin Falls to the $59,000 Range After Seven Straight Days of Institutional Outflows [Crypto Briefing]

[Financial News] Bitcoin has fallen to the $59,000 range. The decline is deepening as institutional funds continue to leave the market day after day.
According to global crypto data platform CoinMarketCap, Bitcoin was trading in the $59,000 range as of 1 p.m., down 0.3% from the previous day on a 24-hour basis. Over the past week, Bitcoin has fallen 6.23%.
Bitcoin is trading in the 90 million won range on Korean won markets. Based on global crypto market comparison platform Cryprice, the Korea premium stood at -1.98%.
Bitcoin slipped below the $60,000 mark on the 25th and has since remained in the $59,000 to $60,000 range. The drop appears to reflect worsening investor sentiment as the likelihood of a U.S. Federal Reserve rate hike later this year has increased.
Institutional funds are also continuing to flow out. According to CoinMarketCap, institutions have been net sellers of Bitcoin ETFs for seven consecutive trading days, from the 17th of last month through the 26th. So far this month, institutions have posted net buying only on the 12th and the 16th.
The Crypto Fear and Greed Index provided by CoinMarketCap stood at 16 on the day, indicating "extreme fear." The index ranges from 0 to 100, with values closer to 0 interpreted as "extreme fear" and those closer to 100 as "extreme greed."
At the same time, Ethereum was trading in the $1,580 range, up 0.61% from the previous day. Ripple was trading in the $1.04 range, up 0.02%.

yimsh0214@fnnews.com Im Sang-hyeok Reporter