Bitcoin, the largest cryptoasset by market value, is trading around $62,500 in mid-July 2026 — more than 50% below the all-time high of $126,198.07 set in October 2025 (Fortune, 2026). After falling to a 21-month low near $58,076 in late June, it has recovered partially but the underlying pressures have not fully resolved.

Three forces have driven the decline through H1 2026: fading expectations of US interest-rate cuts, record outflows from US spot Bitcoin ETFs, and late-quarter selling by corporate holders. Here’s what each means, and what the regulatory backdrop looks like heading into H2.