Bitcoin entered a stagnant session early Monday (June 22), hovering around $63,970, down 0.47% over 24 hours after briefly dipping to $63,270. The price has slid sharply from the June 16 FOMC meeting high of $67,203, with buying demand almost frozen. Ethereum weakened in tandem, trading at $1,727, down 0.56%, and breaking key support levels.
$144M in Liquidations, 70% Longs
CoinGlass data shows total liquidations across all exchanges reached $144.8 million over the past 24 hours, with long positions bearing the brunt. In the last 12 hours, $103 million were liquidated, with a long/short ratio of about 3:1. The most recent 4-hour period saw $73.95 million in liquidations, of which $58.95 million were longs, suggesting traders repeatedly attempted to buy the dip but were forced out. The single largest liquidation event was $4.88 million.
Hawkish Fed Pressures: Rate Hike Expectations Replace Cuts
The core drag came from the June 16-17 FOMC meeting. New Fed Chair Kevin Warsh held the rate range at 3.50%-3.75% but revised up inflation and the rate path in the dot plot. Nine officials expect at least one rate hike by year-end. Markets began pricing in 'hike not cut,' weighing on risk assets. U.S. May CPI rose 4.2% year-over-year, a three-year high, with core CPI at 2.9%, well above the 2% target. On the fund flow side, U.S. spot Bitcoin ETFs suffered massive outflows in June, with a single-week record of $3.4 billion (largest since listing in January 2024), totaling $4.21 billion over three weeks. Although BlackRock's IBIT recently attracted about $86 million, the overall trend remains weak.
SOL Beats Odds, XRP Leads Declines
Most major coins consolidated. Solana (SOL) was one of the few gainers, at $73.47, up 0.44% over 24 hours; XRP underperformed, at $1.14, down 0.88%. Both have pulled back from recent highs on June 16 and are now oscillating in low ranges.
Fear Index at 20, Market Sentiment Frozen
The Alternative.me Fear & Greed Index stands at 20, stuck in 'Extreme Fear' for consecutive days, down 3 points from yesterday's 23. Historically, extreme fear often signals oversold conditions, with some bottom fishers seeing opportunity. But with rate hike expectations and ETF bleeding unresolved, Bitcoin's short-term path likely remains range-bound around $63,000-$64,000. The market's next move hinges on macro factors: oil prices, bond yields, and the Fed's dovish pivot timing. Until signals turn clear, managing leverage and avoiding liquidation risks is the most prudent approach.