Bitcoin climbed back sharply from its June 6 low of $59,353. By early trading on June 15, BTC was quoted at $65,366, after touching a 24-hour high of $65,923. That puts the recovery at more than 10% from the recent bottom. ETH also recovered to $1,710 from $1,522, while SOL posted a gain of more than 2.3% over the past day.
Short liquidations dominated as the rebound accelerated
The strongest immediate effect of the move was seen in derivatives markets. According to CoinGlass, total crypto liquidations reached $325.46 million over the past 24 hours. Long positions accounted for about $93.06 million, while short liquidations surged to roughly $232 million, or 71% of the total. In the most recent 12-hour window alone, liquidations reached $285.96 million. The largest single liquidation order across the market was reported at $2.46 million.
The setup had been building for days. After falling from $73,683 on June 1 to $59,353 on June 6, Bitcoin had dropped nearly 20%. That decline strengthened bearish positioning across the market. Once price reversed, short covering added force to the rebound and helped push prices higher in a short period.
ETF inflows returned after a stretch of outflows
Spot Bitcoin ETFs showed a notable change in direction. On June 12, the products recorded $85.85 million in net inflows, ending five consecutive trading days of net outflows. The source material said spot Bitcoin ETFs saw about $3.4 billion in outflows during the first week of June, making the latest inflow reversal an important shift in the near-term flow picture.
Technical conditions also helped. After the slide from the June 1 high, BTC moved into oversold territory on RSI, drawing in dip buyers. The report also pointed to improving global risk appetite after expectations of a possible US-Iran peace agreement lifted sentiment in broader markets. US equities also closed higher on Friday, adding support to the risk-on move.
SOL outperformed, but market sentiment stayed weak
Among major tokens, SOL stood out. It traded at $70.71, up 2.35% over 24 hours, and had rebounded more than 15% from its June 6 low of $60.98. Its intraday high reached $71.73. XRP changed hands at $1.1782, up 1.93%, with a 24-hour range between $1.1268 and $1.1888. Altcoins broadly moved in line with Bitcoin rather than on token-specific momentum.
Sentiment, though, remained fragile. The Fear and Greed Index came in at 20, still in the Extreme Fear zone. It was 18 a day earlier and had dropped as low as 8 during the recent sell-off. Prices recovered, but sentiment data showed traders were still cautious.
FOMC meeting now sits at the center of the market
The next major event is the June 16-17 FOMC rate meeting. The source cited Nick Timiraos as saying the May CPI report did little to support rate-cut expectations, and that discussion inside the Federal Reserve had even extended to whether rate hikes might need to resume. For crypto traders, that leaves the current rebound on uncertain footing. How far this move can go may depend heavily on the tone struck by Chair Powell.
For now, the market has staged a strong recovery from oversold levels, and shorts have taken the brunt of the damage. Whether that move can hold is likely to be tested very soon once the Fed decision and messaging arrive.