News Summary

• Markets now imply a 66% chance bitcoin falls below $55,000 and a coin-flip chance of sub-$50,000 prices before year-end.
• This comes amid dwindling institutional appetite for the leading cryptocurrency.
• According to data from SoSo Value, traders withdrew $2.4 billion from u.s.-listed BTC ETFs in May and $1 billion in the first two trading days of June.
• But capital does not appear to be leaving crypto entirely, instead, it is increasingly moving into digital dollars.