Bitcoin's price dropped to $57,800 on July 1, marking a new low since October 2024 and a 50% correction from its all-time high of $126,000. The market fear index is at 17, indicating extreme fear. Ethereum remains near $1,600, while Solana has seen 10 consecutive monthly declines. The Nasdaq and S&P 500 continue to fluctuate at high levels. Bitcoin's poor performance is attributed to significant net outflows from spot ETFs and unmet expectations for interest rate cuts. Since May, Bitcoin spot ETFs have seen only nine days of net inflows, with daily net inflows not exceeding $140 million. Large net outflows have exceeded $600 million on several days, increasing selling pressure. Additionally, the market anticipates the Federal Reserve will maintain or raise interest rates, making cash and bonds more attractive than high-risk assets like Bitcoin. Analysts predict Bitcoin's bottom could range between $46,000 and $54,000, with some expecting the bear market to end by October-December 2026. However, the lack of fund inflows and macroeconomic uncertainties suggest the real bottom may not yet be reached. Polymarket data indicates a 30% probability of Bitcoin falling below $40,000 this year.