Bitcoin Hits 21-Month Low Near $57,950 Amid Record ETF Outflows

Bitcoin traded near $58,800 on July 1 after hitting a 21-month low of $57,950, extending its decline to more than 45% from the October peak above $120,000. The slump follows back-to-back quarterly losses of 22.2% in Q1 and 14.09% in Q2 2026, with U.S. spot Bitcoin ETFs posting $222.64 million in net outflows on June 30 and over $4.5 billion for the month. While Fidelity highlighted five historical catalysts that could end the crypto winter, including a possible November 2026 cycle bottom, CryptoQuant warned that over $1 trillion in new institutional capital is required for recovery.