On the morning of July 1, 2026, Bitcoin broke through the psychological $60,000 level, hitting a two-week low of $58,188 and currently trading at $58,290. Down over 11% from the June high of $65,994. Ethereum followed, falling below $1,600 to $1,567.95, a 1.56% drop in 24 hours, down more than 12% from its two-week high. The market extended June's bearish trend across the board.
24-Hour Liquidations Exceed $249M, Longs Take the Brunt
According to CoinGlass data, total liquidation across the market in the past 24 hours reached approximately $249.46 million. In the latest 12 hours, longs accounted for $65.03M in liquidations, while shorts only $48.62M, indicating heavy damage to bullish traders. The largest single liquidation was $4.17M.
Triggers: Record ETF Outflows, Historic June Drop, Macro Headwinds
The decline is driven by multiple structural pressures:
Record ETF redemptions in June: US spot Bitcoin ETFs saw net outflows of approximately $4.06 billion in June, the largest single-month redemption since the products launched in January 2024, signaling institutional capital retreat.
Historic June sell-off: BTC fell about 19% in June, one of the worst Junes on record. Notably, June is historically bullish, making this reversal particularly unusual.
Persistent macro pressure: Delayed Fed rate cut expectations and lingering geopolitical risks have weakened risk appetite, with capital shifting to the sidelines.
SOL and XRP Decline in Sympathy
Major altcoins followed the market down. Solana (SOL) trades at $73.07, down 1.59% in 24 hours, range $71.90-$75.80. After hitting a two-week high of $75.87 on June 30, it reversed sharply, showing resistance at higher levels. XRP sits at $1.033, down 1.57%, ranging $1.0274-$1.0529, holding the $1 level but lacking upside momentum.
Fear & Greed Index at 11, While US Stocks Rally
The Alternative.me Fear & Greed Index reads 11 (Extreme Fear), down from 15 yesterday and 17 last week, remaining in extreme fear territory as investor sentiment fails to recover.
Notably, crypto markets diverged from equities. On June 30, the S&P 500 rose 0.79% to 7,449.36 and the Nasdaq gained 1.52% to 26,213.72, with Q2 being the best quarter since 2020. Traditional risk assets rallied while crypto weakened, a divergence worth watching.
Looking ahead, technical focus is on whether BTC can reclaim $64,000. Failure to regain this level soon could keep the market bearish in July.