After a week of extreme fear, Bitcoin staged a sharp rebound early on June 12, jumping from a 24-hour low of $61,944 to hit $63,933, last trading near $63,504 (up 2.5%). Ethereum followed, rising from $1,630 to $1,693, last at $1,669 (+2.22%). The move caught short sellers off guard, triggering one of the biggest liquidation events in recent days.
97,428 Traders Liquidated in 24 Hours; Shorts Bear 72.6% of Losses
CoinGlass data shows total liquidations of $269.27 million across 97,428 traders in the past 24 hours. Short position liquidations accounted for $195.38 million, or 72.6% of the total, while long liquidations were only $73.88 million. The largest single liquidation order was a $2.08 million BTCUSDT contract on Binance. Open interest across exchanges now stands at $104.4 billion (+2.55%), with 24-hour volume at $183.1 billion (-6.71%).
Catalyst: Trump Claims Iran Settlement, but Credibility in Question
The rally was ignited by a late-night statement on June 11 from US President Trump, who said he cancelled a planned airstrike on Iran and had reached a "great settlement" with the country. He claimed the deal would be finalized within days and that the Strait of Hormuz would "reopen officially" once signed, sending oil prices "down like a stone." The sudden drop in geopolitical risk boosted equities: the S&P 500 closed 1.75% higher, the Nasdaq surged 2.54%, and crypto followed.
However, CNBC notes that Trump has made over 30 similar announcements of an imminent Iran deal — none of which materialized. Skepticism remains high, and that likely capped Bitcoin's rally below $64,000.
Macro Headwinds Persist: CPI/PPI Beat Estimates, ETF Outflows Continue
The macro backdrop is far from favorable. US May CPI came in at 4.2% year-on-year, the highest since April 2023, while May PPI hit 6.5% — a nearly three-year high. Fed whisperer Nick Timiraos warned that the CPI report "does not help" rate cuts; rate cut expectations have nearly vanished and bets on a hike are rising. Spot Bitcoin ETFs in the US have seen net outflows for 13 consecutive trading days as of June 11, totaling over $4.3 billion, adding structural pressure to the recent decline.
Altcoins: SOL Leads Top 4, XRP Rebounds
Solana was the strongest performer among the major coins, rising 4.22% in 24 hours to $66.75. XRP gained 3.18% to $1.1404, though it remains about 19% below its May 30 high of $1.3575.
Sentiment and Outlook: Fear Index Stays at 12, FOMC Next Week
The Fear & Greed Index reads 12 — "extreme fear" — for the seventh consecutive day. A month ago the index was at 42. Glassnode's on-chain report published June 11 warns that Bitcoin is further entering a capitulation phase with no long-term demand visible. All attention now shifts to the FOMC meeting on June 16-17. With CPI and PPI both hotter than expected, whether the Fed signals a rate hike will likely determine whether this rebound has legs or fizzles out.