Bitcoin futures tumbled to $58,995 on Thursday, marking the lowest level since October 2024 and extending the digital asset's decline from its 2025 highs by approximately 52 percent.
The breakdown below the psychological $60,000 support level has intensified selling pressure, with market participants treating the breach as a potential catalyst for further downside rather than a temporary dip.
Options market data suggests traders are positioning for continued weakness.
Derivatives activity indicates a growing consensus that the current sell-off may be the beginning of a more prolonged bearish phase, rather than a short-term correction.
This shift in sentiment reflects a broader loss of confidence in the asset's near-term recovery prospects.
The move comes amid a wider rotation out of risk assets.