Bitcoin falls below $60K as ETF outflows and $1. 48B liquidations fuel crypto selloff - AMBCrypto
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. . .
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$59,400during 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 billionworth of crypto positions were liquidated over the past 24 hours, highlighting the scale of the market-wide selloff. Source: TradingViewETF investors continue to pull capitalSpot Bitcoin exchange-traded funds (ETFs) remained under pressure, with data from SoSoValue showing$469. 08 millionin net outflows onJune 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. Source: CoinglassETF 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 bruntThe sharp decline also triggered a large-scale liquidation event across crypto derivatives markets. According to CoinGlass,217,685 traderswere liquidated over the past 24 hours, totaling$1. 48 billionin liquidations. Long positions accounted for$1. 21 billionof those liquidations, compared with$269. 63 millionin 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 millionwas wiped out. Technical picture weakensBitcoin’s daily chart also showed technical deterioration, with the price slipping below the psychological$60,000support level. Trading volume increased during the decline, reflecting stronger selling activity. At the same time, the daily Relative Strength Index [RSI] fell to around30, placing Bitcoin near oversold territory. Source: TradingViewAlthough 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 SummaryBitcoin 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.