Bitcoin [BTC] fell under the key Level of $60,000 on June 25extending the recent decline as heavy outflows from spot ETFs and a wave of leveraged liquidations weighed on the broader crypto market.
BTC dropped to approx $59,400 during the session after briefly reaching a low point during the day $58,000. The drop caused widespread losses across major digital assets, with Ethereum, Solana, XRP and BNB all posting notable declines.
More than $1.48 billion Crypto positions have been liquidated over the past 24 hours, underscoring the extent of the market-wide sell-off.
ETF investors continue to raise capital
Spot Bitcoin exchange-traded funds (ETFs) remained under pressure, as data from SoSoValue shows $469.08 million in the net outflow June 24.
The latest drawdowns extended a recent string of negative flows, driving down the total net assets of US spot Bitcoin ETFs $73.87 billion.
ETF flows have become one of the closely watched indicators of the market since the products launched in January 2024. Sustained outflows tend to reflect a weakening of institutional demand, removing an important source of buying pressure during periods of market volatility.
Long traders are bearing the brunt
The sharp drop also caused a large-scale liquidation in the crypto derivatives markets.
According to CoinGlass, 217,685 traders have been liquidated in total over the past 24 hours $1.48 billion in liquidations.
Long positions were taken into account $1.21 billion of those liquidations, compared to $269.63 million in short positions, indicating that bullish traders were caught off guard by the speed of the sell-off.
The largest single liquidation occurred on Hyperliquid, where a BTC-USD position was worth $38.05 million was swept away.
The technical picture is weakening
Bitcoin’s daily chart also showed a technical deterioration, with the price falling below the psychological level $60,000 support level.
Trading volume increased during the decline, reflecting stronger sales activity. At the same time the daily Relative Strength Index [RSI] fell around 30bringing Bitcoin close to oversold territory.
While an oversold RSI can sometimes precede a short-term recovery, traders generally look for confirmation through renewed buying volume and stronger price action before calling for a market reversal.
Final summary
- Bitcoin fell below $60,000 as nearly $470 million left US Bitcoin ETFs, and the crypto markets recorded $1.48 billion in liquidations.
- The sell-off pushed Bitcoin’s RSI close to oversold territory while wiping out more than $1.2 billion in bullish leveraged positions.