Bitcoin suffered a sudden sell-off on June 25, falling from around $61,000 to below $58,000 in one hour. According to Coinglass, total market liquidations reached $1.27 billion over the past 24 hours, affecting 209,000 traders — with the most volatile hour alone seeing over $430 million in liquidations. The selling pressure was not limited to a single pair; synchronized sell orders appeared across BTC/USD, BTC/USDT, and BTC/FDUSD pairs, as well as perpetual futures on Binance, indicating a broad-based sell-off across multiple channels.
Order Flow Confirms Weak Bid Side
After the initial drop, Bitcoin briefly rebounded to around $59,000 but quickly lost momentum. Analysts suggest that panic-selling retail coins may have been absorbed by larger players, yet the continued buildup of short positions signals expectations of further declines. The Cumulative Volume Delta (CVD) indicator turned sharply negative as prices fell — positive CVD means buyers are more aggressive, while negative values show sellers dominating. Even during the rebound, CVD readings did not recover significantly, implying the bounce was driven mainly by short covering rather than genuine spot demand. As selling resumed, CVD continued to slide, confirming sustained weakness.
Spot Bitcoin ETFs See $441M Net Outflow in a Single Day
Additional downward pressure came from persistent outflows from spot Bitcoin ETFs. Updated figures show a one-day net outflow of 7,439 BTC (approximately $441.88 million). Over the past seven days, net outflows reached 12,619 BTC, worth about $749.58 million. These ETF outflows represent a weakening of one of the key demand drivers that previously supported Bitcoin’s rally phases, adding a notable headwind for the cryptocurrency.
| Period | Net Outflow | Approx. Value |
|---|---|---|
| 1 day | -7,439 BTC | $441.88M |
| 7 days | -12,619 BTC | $749.58M |
$60K Holds the Key: Technical Perspective
Technical analyst Rekt Capital notes that the current sell-off pattern resembles the 2022 correction phase. On the monthly chart, BTC has slipped below its short-term trendline and is now testing the longer-term moving average near $60,000. If Bitcoin can hold above the long-term support around $60,000, there is a chance for a relief rally in July. However, falling below this level could increase the risk of a deeper correction. With the liquidation surge, bearish order flow, ETF outflows, and a critical technical line at $60,000, the short-term direction hinges on whether this key level holds.