Bitcoin dropped below the $60,000 mark for the second time in June, triggering over $850 million in crypto liquidations and dragging down major altcoins and crypto-linked stocks. The leading cryptocurrency fell nearly 6% to an intraday low of $59,175 before recovering slightly, while market-wide panic pushed Ethereum below $1,600, Solana under $65, and XRP to around $1.05. Total crypto market value declined to approximately $2.1 trillion.
Market carnage and liquidations
According to CoinGlass data, 169,531 traders were liquidated within 24 hours, with long positions accounting for $785.31 million of the total $869.39 million in wipeouts. The sell-off extended to crypto-proxy stocks: Strategy (MSTR) plunged as much as 11% to an intraday low of $92.28, revisiting prices not seen since February 2024. Shares of Coinbase, Robinhood, Galaxy Digital, and mining firms like IREN, Cipher, and Hut 8 also slumped. The S&P 500 and Nasdaq dropped about 3% and 4% from mid-June, respectively, with large-cap tech stocks such as Nvidia, Microsoft, and Apple declining.
On-chain weakness and technical breakdown
Glassnode reported that Bitcoin’s breakdown was driven by ongoing ETF outflows, mass loss realization by panicked investors, and defensive options positioning. U.S. spot Bitcoin ETFs saw roughly $180 million in net outflows on Monday and Tuesday, while spot Ether ETFs lost about $152.5 million. On-chain analytics warned that “broad demand remains absent.” Technical indicators showed Bitcoin broke below key support levels, falling through the 78.6% Fibonacci retracement level and trading under the 50-day and 200-day moving averages. The daily Aroon Down indicator hit 100%, confirming strong downside momentum.
Analyst Daan Crypto Trades noted that major local tops and bottoms often form near the .786 Fibonacci retracement after strong rallies, making the current zone a critical defense for bulls. Meanwhile, Whale Factor highlighted that wallets linked to BlackRock transferred roughly 2,700 BTC (~$168.6M) and 53,000 ETH (~$88.1M) to Coinbase-linked addresses, fueling speculation of potential selling pressure.
Sentiment sours as Portnoy trolls
Barstool Sports founder Dave Portnoy added fuel to the fire, half-jokingly opining that “it seems like Bitcoin is going to zero.” He challenged crypto advocates to explain why skeptics are wrong amid the market crash. Economist Henrik Zeberg warned that Bitcoin’s drop occurred while the U.S. Dollar Index (DXY) sits at a relatively low 101, suggesting a deflationary bust could drive the DXY to revisit 2001 highs by late 2026 or early 2027. “Most investors have never experienced a true global scramble for dollars,” Zeberg said.
Peter Schiff also criticized Strategy’s Bitcoin treasury model, proposing the company sell BTC to finance stock buybacks, which he argued could further pressure the market. With Bitcoin back to October 2024 levels, the crypto sector faces heightened uncertainty as ETF flows dwindle and risk appetite fades.
