Bitcoin is up 0.5% at $58,961.17 in early Asian trade. The cryptocurrency hit its lowest level in nearly 22 months overnight amid a broad market sell-off in a fragile macro environment, testing a key support level, analysts at Crypto Finance Group say. Trading volumes remain subdued, while ETF outflows continue to be the biggest source of selling pressure, they add. However, "funding rates, open interest and [trading] volumes don't point to a fully leveraged unwind," Sygnum Bank analysts say. Institutional investors are also consolidating their positions, suggesting the ETF outflows don't signal a structural exit from the market. (jason.chau@wsj.com)