Bitcoin took a sharp dive at 02:00 UTC this morning, sliding from a 24-hour high of $63,239 to a low of $59,297, just shy of the critical $60,000 psychological level. It has since recovered slightly to $60,796 (down 3.47%). Ethereum followed suit, hitting $1,552 and trading at $1,618 (down 3.18%). Since the June 16 peak, BTC and ETH have lost over 9.5% and 12%, respectively, with no signs of stabilization.
Longs Hammered: $988M Liquidated, 80% Long Positions
According to CoinGlass, total liquidations across crypto markets reached $988 million in the past 24 hours, with long positions accounting for $799 million (80.8%). Shorts saw only $189 million liquidated. In the last 12 hours alone, $864 million was wiped out, indicating the selling pressure concentrated in the early morning plunge. The largest single liquidation was $7.8 million, showing heavy leveraged positions being erased instantly.
Drivers: Fed Hawkishness, Forward Guidance Abandoned, ETF Outflows
The sell-off is not a single catalyst but the accumulation of pressures since the June 17 FOMC meeting. The Fed held rates steady but raised the year-end median rate forecast to 3.8%, effectively eliminating 2026 rate-cut expectations. New Chair Kevin Warsh scrapped forward guidance, amplifying "higher for longer" fears. Tech and AI stocks also sold off, with Nasdaq down 0.43%. On the crypto side, spot Bitcoin ETFs continued to see net outflows, and rumors circulated that Strategy (formerly MicroStrategy) had offloaded some BTC, adding to bearish sentiment.
Altcoins in the Red: SOL, XRP Follow
This correction is not limited to Bitcoin. Solana (SOL) dropped to $67.53 (down 3.38%), a 10.7% decline from its June 16 high of $75.60. XRP fell to $1.0768 (down 2.95%), nearly 17% below its recent peak of $1.29. The broad-based slide indicates systemic risk-off sentiment rather than isolated technical adjustments.
Fear Index Crashes to 12, $60K Support in Focus
The Fear & Greed Index fell to 12 (Extreme Fear) from 17 yesterday, reflecting escalating panic. US equities closed lower (S&P 500 down 0.10%, Nasdaq down 0.43%), offering no relief to crypto. All eyes are now on the $60,000 level: after briefly dipping below, BTC rebounded to $60,796, but the support remains fragile. A break below could trigger further drops for ETH at $1,550 and SOL at $64. The market awaits clarity on Fed policy and whether ETF flows can reverse.