Bitcoin extended its decline this morning, hitting a low of $61,938 before recovering slightly to $62,883, down 2.09% in 24 hours. The price has now fallen over 6.4% from its peak of $67,203 on June 16. Ethereum followed suit, dropping to $1,635 and currently trading at $1,667 (－3.77%). Bears dominate as the intraday range stretches nearly $100.
$558.7M in Liquidations, Largest Single Position at $14.14M
Total liquidations across the crypto market in the past 24 hours hit $558.7 million, surging 51.80% from the previous day. Longs accounted for 49.44% and shorts 50.56%, indicating a two-way squeeze. Liquidations in the last 12 hours alone reached $92.83 million, with longs bearing the brunt.
The single largest liquidation was a $14.14 million ETH-USD position on Hyperliquid, marking a notable whale capitulation event.
Three Headwinds Converge: Tech Wreck, Hawkish Fed, ETF Outflows
The selloff is not driven by a single catalyst but a confluence of bearish factors:
1. Tech and semiconductor stocks collapsed. On June 23, the Nasdaq dropped 2.21% and the S&P 500 fell 1.44%, dragging risk assets including bitcoin lower. Crypto's correlation with tech stocks remains strong.
2. Fed Chair Kevin Warsh struck a hawkish tone. At his first FOMC meeting on June 18, Warsh refused to commit to rate cuts, dashing hopes for loose liquidity. Risk asset valuations have since been under pressure.
3. Spot bitcoin ETFs continue to see net outflows. Reports even suggest that Strategy (formerly MicroStrategy) sold bitcoin for the first time in nearly four years, signaling weakening institutional demand that once propped up the bull run.
Altcoins Follow Suit: SOL Below $70, XRP Holds $1.1
Major altcoins are bleeding. Solana (SOL) trades at $69.75, breaking the $70 support, down 3.02% in 24 hours. XRP is relatively resilient at $1.1083, down 2.11%, holding above $1.1.
Fear Index Sinks to 17: Extreme Fear Extends Third Week
The Crypto Fear & Greed Index dropped to 17 (Extreme Fear), down from 23 yesterday and 22 last week. Sentiment remains trapped in extreme fear territory with no immediate sign of improvement.
Macro headwinds from the equity selloff and the Fed's no-cut stance continue to weigh on risk assets. Technically, bitcoin's 14-day low of $60,996 on June 10 becomes a key level to watch if the downtrend persists.