Bitcoin [BTC] fell below the key $60,000 level on June 25, extending its recent decline as heavy spot ETF outflows and a wave of leveraged liquidations weighed on the broader crypto market.
BTC dropped to around $59,400 during the session after briefly touching an intraday low near $58,000. The decline triggered widespread losses across major digital assets, with Ethereum, Solana, XRP, and BNB all posting notable declines.
More than $1.48 billion worth of crypto positions were liquidated over the past 24 hours, highlighting the scale of the market-wide selloff.
ETF investors continue to pull capital
Spot Bitcoin exchange-traded funds (ETFs) remained under pressure, with data from SoSoValue showing $469.08 million in net outflows on June 24.
The latest withdrawals extended a recent run of negative flows, reducing total net assets across U.S. spot Bitcoin ETFs to $73.87 billion.
ETF flows have become one of the market’s closely watched indicators since the products launched in January 2024. Persistent outflows typically reflect weakening institutional demand, removing a key source of buying pressure during periods of market volatility.
Long traders bear the brunt
The sharp decline also triggered a large-scale liquidation event across crypto derivatives markets.
According to CoinGlass, 217,685 traders were liquidated over the past 24 hours, totaling $1.48 billion in liquidations.
Long positions accounted for $1.21 billion of those liquidations, compared with $269.63 million in short positions, suggesting that bullish traders were caught off guard by the speed of the selloff.
The largest single liquidation occurred on Hyperliquid, where a BTC-USD position worth $38.05 million was wiped out.
Technical picture weakens
Bitcoin’s daily chart also showed technical deterioration, with the price slipping below the psychological $60,000 support level.
Trading volume increased during the decline, reflecting stronger selling activity. At the same time, the daily Relative Strength Index [RSI] fell to around 30, placing Bitcoin near oversold territory.
Although an oversold RSI can sometimes precede a short-term rebound, traders generally look for confirmation through renewed buying volume and stronger price action before calling a market reversal.
Final Summary
- Bitcoin fell below $60,000 as nearly $470 million left U.S. spot Bitcoin ETFs, and crypto markets recorded $1.48 billion in liquidations.
- The selloff pushed Bitcoin’s RSI close to oversold territory while wiping out more than $1.2 billion in bullish leveraged positions.