Overview
- Sustained redemptions from U.S. spot Bitcoin ETFs produced roughly $4.0–4.5 billion of outflows in June and flipped a once-reliable institutional demand channel into a source of selling.
- Late June selling pushed Bitcoin below $60,000, with intraday lows near $58,100, and marked the largest multi-week drawdown since 2024.
- The price slide triggered concentrated derivatives liquidations that exceeded $1 billion within a 24-hour window and amplified volatility around large option expiries.
- Strategy raised more than $1 billion to boost cash reserves and authorized potential Bitcoin sales, weakening the corporate-treasury accumulation thesis that had supported dips.
- Major banks cut targets and rescinded ETF-inflow assumptions while on-chain and technical signals show some historical bottom markers but remain contested, so the next clear sign of a durable bottom would be sustained positive ETF flows or renewed large-scale buying.