Bitcoin fell about 2% to trade just above $62,000 as broader market pressure hit risk assets. Asian trading turned volatile after profit-taking tied to Samsung shares, while rising military tension between the US and Iran pushed oil prices nearly 5% higher. US equity indexes opened lower, and the release of the Federal Reserve’s June meeting minutes kept traders focused on inflation language and rate guidance rather than the expected July 29 hold itself.
Strong buying earlier in the week lifted BTC past $64,000
At the start of the week, Bitcoin flows looked much healthier. Cumulative volume delta data showed around $585 million in net buying in futures on Monday, with another $119 million bought in spot markets. That brought total net buying to roughly $705 million and helped push BTC above $64,000. The move was backed by both derivatives and spot demand, not one side alone.
By Wednesday, traders cut exposure across futures and spot
That tone changed quickly. Higher oil prices, a steep selloff in semiconductor stocks, and caution ahead of the Fed minutes led investors to pull back. Selling in crypto futures reached nearly $500 million, while spot selling totaled about $86 million. Funding rates and open interest both declined, a sign that traders were reducing leverage and closing positions.
Even so, funding rates stayed positive for much of the week. Demand did not disappear. It simply became more defensive as macro pressure built.
Liquidation pressure tilted heavily toward long positions
Total liquidations were not especially large in dollar terms, but the imbalance was clear. On Wednesday, about $47 million in long positions were liquidated, compared with only about $4 million in short liquidations. Data also showed a notable concentration of long exposure around $61,000. If Bitcoin retests that level, forced selling could briefly intensify the downside move.
Below $60,000, some buyers appeared ready to step in. Spot market activity and Bitcoin ETF demand pointed to continuing interest inside the current trading range, even with sentiment still under pressure.
Fear readings stay weak as Strategy sale adds another layer
Recent price action showed how quickly momentum can fade when a rally is led by derivatives. The Crypto Fear & Greed Index remained in “fear” territory. Alongside geopolitical stress and uncertainty around Fed policy, sentiment was also weighed down by Strategy’s recent sale of 3,588 BTC.
Bitcoin is still trading below the company’s average acquisition cost of $74,582. That has led some investors to watch whether one of the market’s largest Bitcoin holders could accelerate selling if pressure persists.