Bitcoin fell more than 4% to $59,548.19 after touching $59,023.98 on Wednesday, its lowest level since Oct. 10, 2024 and the third time this year it has traded below $60,000. The decline came as a pullback in tech stocks added to a difficult backdrop for crypto, with investors also contending with persistent inflation concerns, weaker sentiment across digital assets and continued withdrawals from bitcoin exchange-traded funds. Bitcoin ETFs have seen $182 million leave so far this week and are on track for a seventh straight week of net outflows, while total assets held in the funds have fallen to $77.5 billion from about $113 billion at the end of last year. The broader industry is also watching the CLARITY Act, a market structure bill that has about five weeks to clear a key legislative hurdle before Congress' summer recess or likely be delayed until the fall. Sam Callahan of OranjeBTC said bitcoin's drawdown has still been milder than in past crypto winters because a larger institutional investor base has helped reduce volatility.