Bitcoin hits 21-month low near $58,000 amid heavy ETF outflows and market pressure.

Bitcoin price dropped to its lowest level in over 21 months, falling to around $57,950 on July 1, 2026, amid sustained selling pressure from U.S. spot Bitcoin ETFs, especially BlackRock’s iShares Bitcoin Trust. The market cap declined by about $15.1 billion in 24 hours, hovering near $1.2 trillion. Despite heavy outflows totaling $4.51 billion in June, Bitcoin whales have accumulated over 270,000 BTC recently, suggesting potential support. Analysts warn that if the $58,000 support fails, prices could drop to $40,000, but a rebound is possible if ETF selling eases.