Bitcoin fell to an intraday low of $60,892 on June 9 before trimming part of the loss and trading near $61,813 at the time of publication. Data cited by crypto.news showed BTC down 3% over 24 hours, with its weekly decline widening to 14% as traders kept cutting exposure to risk assets.
The latest move lower followed a sharp escalation between Washington and Tehran. In a Truth Social post dated June 9, Donald Trump said an American Apache helicopter patrolling the Strait of Hormuz had been shot down and said the United States “must, of necessity, respond to this attack.” U.S. Central Command later carried out retaliatory strikes against Iran. Iranian Deputy Foreign Minister Kazem Gharibabadi rejected the claim that Iranian forces had intentionally targeted the aircraft and said the incident came during a period of elevated military activity in the region.
Global markets shift into risk-off mode
Investors moved quickly into defensive positions. Gold rose 1.8%, while WTI crude climbed 3.5% on supply concerns. S&P 500 and Nasdaq futures both traded lower as money moved away from higher-risk assets. Crypto was hit hard, and leveraged positions were forced out at speed.
According to CoinGlass, total crypto liquidations reached $664.86 million over the past 24 hours. Bitcoin traders accounted for $124.22 million of that total. Derivatives data pointed to a reduction in leverage rather than a full washout: Bitcoin open interest slipped 0.25% to $45.13 billion. It was a small drop, but it showed traders were still pulling back risk.
ETF outflows and underwater supply add pressure
Geopolitics was not the only factor weighing on Bitcoin. Institutional demand has also weakened. SoSoValue data showed U.S. spot Bitcoin ETFs recorded roughly $4.4 billion in outflows between May 15 and June 8. That sustained withdrawal points to softer institutional appetite for Bitcoin exposure.
Wintermute has also warned that current market conditions make it difficult to identify a durable bottom because fresh inflows are not strong enough to absorb ongoing selling. The trading firm highlighted a liquidity gap between $50,000 and $59,000, leaving Bitcoin exposed to sharper downside moves if support levels fail.
On-chain data showed investor stress building. Glassnode said that near the cycle peak, almost half of Bitcoin’s circulating supply was in profit. After the recent correction, though, more than 8 million BTC are now underwater. Sentiment remains weak. The Crypto Fear & Greed Index improved slightly from 8 to 10, but it stayed firmly in Extreme Fear.
Traders are now watching whether Bitcoin can hold above the recent intraday low of $60,892. If that level breaks on a sustained basis, the $60,000 psychological line comes into focus. Below that, the liquidity gap identified by Wintermute leaves $50,000 as the next major support area mentioned in the report.