Bitcoin rebounded after falling to $58,188 on June 25, trading at $59,828 at the time of writing, up 0.53% over 24 hours. The intraday high reached $60,780, putting the market back near the $60,000 level. Ether also recovered, changing hands at $1,592 with a 24-hour gain of 1.55% and a daily high of $1,637. Solana led the move higher, rising 3.79% and touching $76.49 at 04:01, its highest level in 14 days.
$303.6 million in liquidations hit the market
CoinGlass data showed that total crypto liquidations reached $303.6 million over the past 24 hours. A total of 79,926 traders were liquidated, and the largest single liquidation order came in at $13.04 million. Shorts took the larger blow: short liquidations stood at $158.5 million, compared with $145.1 million for longs. That points to a rebound driven in part by forced short covering. In the shorter 12-hour window, liquidations still totaled $206 million, showing that volatility remained elevated.
Short covering and stronger US equities supported the bounce
The immediate trigger behind the rebound was a squeeze in crowded short positions. At the same time, US stocks closed higher on June 29. The Dow Jones Industrial Average broke above 52,000 for the first time, the Nasdaq gained 0.98%, and the S&P 500 rose 0.55%. Alphabet was also added to the Dow components. That risk-on tone in traditional markets appeared to spill over into crypto trading.
Headwinds, though, have not disappeared. The Federal Reserve kept rates unchanged at 3.5% to 3.75% at its June 17 FOMC meeting, with the next meeting scheduled for July 28 to 29. The figures cited in the source showed the market assigning an 82% probability to no change at the next meeting, 16% to a rate hike, and just 1% to a cut. Expectations for no rate cuts at all this year stood at 79.8%.
ETF outflows and extreme fear still weigh on sentiment
Spot Bitcoin ETF flows remain a major drag. According to the source material, ETFs saw $4.06 billion in outflows in June, the largest monthly loss on record, and the signal of institutional withdrawals has yet to reverse. Market sentiment also stayed weak. The Crypto Fear and Greed Index from alternative.me came in at 15, still in the “Extreme Fear” zone, compared with 12 a day earlier and 23 a week ago.
XRP was comparatively muted, trading at $1.05 with a 24-hour gain of 0.44%, moving in a narrow range between $1.03 and $1.08. The broader crypto market has bounced off recent lows, but total market value still remains well below the recent peak seen on June 16, and sentiment has not recovered at the same pace as prices.