Overview
- Bitcoin slipped under $60,000 on Thursday, June 25, hitting intraday lows near $59,000 before a partial rebound to about $61–62k.
- U.S. PCE inflation data on Thursday pushed markets to price higher-for-longer interest rates, which reduced demand for non-yielding assets like Bitcoin and strengthened the dollar.
- The price break coincided with heavy institutional selling from U.S. spot Bitcoin ETFs, which have recorded roughly six straight weeks of net outflows totaling about $6 billion and saw large daily redemptions during the sell-off.
- A rapid unwind of leverage forced roughly $1 billion to $1.48 billion of crypto derivative liquidations, mostly long positions, while about $9–10 billion of Bitcoin options are set to expire and could amplify swings.
- On-chain metrics show real holders and spot buyers trimming exposure rather than stepping in, and scheduled supply events such as Mt. Gox creditor repayments and government-transferred seized Bitcoin create clear near-term downside risks.