Bitcoin (BTC) continues its downward trend, slipping to the 90 million won range. As institutional investors continue to pull out their funds, investment sentiment across the broader virtual asset market is shrinking significantly.

According to CoinMarketCap, a global virtual asset market tracking platform, as of 1 p.m. on the 29th, Bitcoin was trading at around $59,000, down 0.3% from 24 hours earlier. The domestic trading price also fell to the 90 million won range. Notably, Bitcoin has plunged more than 7% over the past week, entering a short-term correction phase.

The market cites institutional capital outflows and weakening risk appetite as the primary drivers behind the price decline. In particular, there are concerns that if the slowdown in institutional inflows and net outflow trend continue—especially centered around Bitcoin spot exchange-traded funds (ETFs)—short-term price volatility could widen further. In addition, external factors such as global macroeconomic uncertainty, future interest rate outlook, and a stronger dollar are also weighing on investor sentiment.

Following Bitcoin's decline, major altcoins are also experiencing a correction, resulting in an overall bearish market. Market participants are closely watching key variables that will determine the short-term price direction, including institutional supply and demand changes, U.S. monetary policy, and ETF fund flows.

Experts predict that whether Bitcoin can defend its key support levels and the net flow of institutional funds will be the crucial factors in determining the market's future direction. They advise that as the likelihood of expanded short-term market volatility is high, investors should take a cautious approach and manage their risks carefully.

[This article was written with the assistance of AI. It was produced using publicly available data with partial support from AI in the writing process, and went through final editing and fact-checking. This article is not intended to solicit investment, and the final judgment and responsibility for investments lie with the investor.]