On August 2, the price of Bitcoin dipped below the $63,000 mark. This decline is attributed to capital outflows from cryptocurrency funds and concerns regarding wallet security.
Hourly BTC/USDT chart from Binance. Source: TradingView.As of the time of writing, Bitcoin is valued at $62,564, reflecting a 1.6% drop over the past 24 hours.
On July 31, Bitcoin spot ETFs experienced a net outflow of $265.37 million.
Source: SoSoValue.Conversely, Ethereum-based instruments attracted $9.03 million, while XRP and Solana funds received $7.69 million and $395,390, respectively.
Pressure from American institutional investors remains high. The Coinbase Premium index has been in negative territory for 77 consecutive days, marking the longest period on record.
Marcus Thielen, head of 10x Research, commented to Cointelegraph that U.S. institutions continue to offload assets. Selling pressure persists despite a resurgence of capital inflows into Bitcoin ETFs in July.
The situation has been exacerbated by reports of a vulnerability in Coldcard hardware wallet firmware, which triggered an unprecedented surge of negativity on social media. According to Santiment, the fear index has surpassed levels seen during the FTX exchange collapse.
🚨 BREAKING: Bitcoin just recorded its lowest positive-to-negative commentary ratio across X, Reddit, Telegram, and other platforms since Santiment’s modern social tracking began. The Coldcard firmware exploit has shaken traders because it hits self-custody, the place many… pic.twitter.com/TL0SwA8YQy
— Santiment Intelligence (@SantimentData) August 1, 2026
Traders are starting to question the reliability of cold storage, which was previously considered the safest method for asset preservation.
Santiment noted that for every positive comment about Bitcoin, there are 1.72 negative messages. The ratio of bullish to bearish sentiments has dropped to 0.58 to 1.
It is worth recalling that in July, analysts from Glassnode observed a reversal of realized losses among holders of the first cryptocurrency who purchased coins in 2024-2025. In previous cycles, such trends have often preceded the onset of a bullish market.