Overview
- Bitcoin slipped to about $59,000 during the June 23–24 selloff, marking its lowest level since October 2024 as price broke the $60,000 floor.
- U.S.-listed spot Bitcoin ETFs have recorded roughly $6 billion in net redemptions over the past 30 days, removing a major source of institutional buying pressure.
- Derivatives liquidations exceeded $600 million to $650 million across the 24–48 hour period, with most losses from long positions and large exchange inflows including roughly 7,600 BTC to Binance.
- Technical and on-chain signals show a confirmed head-and-shoulders pattern with immediate support clustered near $60,587 and measured targets around $57,300–$57,500 if that support fails.
- The market’s near-term path now depends on whether ETF flows stabilize and exchange inflows slow, because continued redemptions and forced liquidations could push price toward lower support bands and increase volatility for traders and corporate holders.