Bitcoin network usage is accelerating even as the token remains below its record price. Activity is being driven by Ordinals and Runes, which are boosting demand for block space. At the same time, ongoing outflows from spot Bitcoin ETFs are adding pressure to BTC’s price.

Barstool Sports founder Dave Portnoy said he half-jokingly thinks Bitcoin could go to zero. He called on outspoken crypto bulls to explain why long-time skeptics who label it a scam are wrong. His comments came as market sentiment worsened after Bitcoin slipped below $60,000 again.

Bitcoin fell below $60,000 and is down nearly 20% this month. The total crypto market cap has dropped from $4.3 trillion in October to $2.0 trillion today. Strategy shares sank to their lowest level in more than two years as concerns mounted over its large Bitcoin holdings. Stocks were mixed as oil prices slid, Micron fell, and traders awaited the chipmaker’s earnings after the bell.

On June 24, bitcoin fell 5% in 24 hours to a new year-to-date low of $59,018. The move extends a nearly 10% weekly decline and a drop of more than 30% since the start of the year. Bitcoin also slipped below $60,000 amid a broader marketwide sell-off.

Bitcoin fell below the $60,000 level on Wednesday and hit an intraday low of $59,500, leaving Strategy’s 847,363 BTC position $12. 55 billion underwater. The company’s MSTR shares have also weakened, down 78. 37% since July 16, 2025. Strategy’s preferred stock, STRC, is trading at a wider discount as investors seek higher yield for the risk.

BlackRock told financial advisors that allocating roughly 1% to 2% of a portfolio to bitcoin can act as a “complementary diversifier” in long-term strategies. The firm said the digital asset’s role in portfolios is still evolving. It framed the suggested weighting as a limited position that can fit within a broader risk budget.

21Shares maintains a $100K year-end base case for Bitcoin in its mid-year report. The firm also highlights $54,000 as Bitcoin’s aggregate cost basis, a level it says the price has not fallen below in this cycle. It characterizes the pullback as a more mature correction rather than a panic-driven collapse.

Bitcoin could extend its decline and drop to as low as $55,000 before finding a bottom, analysts at 10x Research said. The firm points to a stronger U.S. dollar and expectations of a more hawkish Federal Reserve as key headwinds. It added that several indicators suggest a potential low could form between late August and October.