Bitcoin Under $59,000 With ETF Outflows and $1.17B Liquidations
Bitcoin extended its decline on June 25, falling below the $59,000 level for the first time in weeks as institutional outflows, weakening technical momentum and broad-based risk aversion combined to pressure the digital asset market.
Summary:
- Bitcoin fell below $59,000, while Ethereum dropped more than 6% and XRP, Solana and Dogecoin extended weekly losses.
- U.S. spot Bitcoin ETFs recorded approximately $469 million in net outflows, led by BlackRock’s IBIT and Fidelity’s FBTC.
- Crypto liquidations exceeded $1.17 billion, while Glassnode data showed more than 10.8 million BTC are now held at a loss.
The latest selloff pushed the largest cryptocurrency down more than 4% over the past 24 hours, while Ethereum and most major altcoins posted even steeper losses.
The decline spread across the broader digital asset market. Ethereum traded near $1,547, down more than 6% on the day. XRP fell to roughly $1.02, while Solana slipped below $65. Dogecoin, Hyperliquid and Zcash also posted losses exceeding 5%, reflecting widespread selling rather than weakness in a single asset.
According to CoinMarketCap the total cryptocurrency market capitalization dropped to roughly $2.06 trillion, while the Fear & Greed Index fell to 17, indicating extreme fear among investors. The Altcoin Season Index remained subdued at 44, suggesting Bitcoin continues to dominate market direction despite its own decline.
ETF Outflows Intensify Institutional Selling Pressure
Data from FarSide Investors show that institutional flows remained a key driver behind Wednesday’s weakness.
U.S. spot Bitcoin exchange-traded funds recorded approximately $469 million in net outflows, according to market data. BlackRock’s iShares Bitcoin Trust (IBIT) led withdrawals with roughly $239 million, followed by Fidelity’s FBTC with nearly $121 million. Additional outflows came from Bitwise, ARK Invest, Grayscale and several other issuers, resulting in one of the largest single-day withdrawals of June.
Persistent ETF redemptions increase selling pressure because fund issuers typically redeem Bitcoin to meet investor withdrawals.
While daily flows fluctuate, consecutive sessions of net outflows often weigh on short-term market sentiment, particularly during periods of weakening momentum.
The ETF data also highlights a more cautious institutional backdrop following several weeks of mixed inflows and outflows, with investors reducing exposure as macroeconomic uncertainty persists.
Technical Breakdown Pushes Bitcoin Below Key Support
From a technical perspective, Bitcoin broke decisively below the psychologically important $60,000 support level before sliding toward $58,400 during intraday trading.
The 15-minute chart shows a sharp bearish impulse that erased several hours of consolidation within minutes. Momentum indicators deteriorated rapidly as the Relative Strength Index (RSI) plunged to approximately 14, placing Bitcoin deep inside oversold territory. At the same time, the MACD expanded further into negative territory, confirming accelerating downside momentum rather than simple profit-taking.
READ MORE: Bitcoin’s Worst-Case Target Falls to $23,980, Analyst Says
Although oversold readings can precede short-term rebounds, they do not necessarily indicate that selling has finished. Traders will now watch whether Bitcoin can reclaim the $60,000 level. Failure to recover that threshold could shift attention toward the next support zone around $57,000-$58,000, while any rebound would first need to overcome resistance near $60,000-$61,000.
While technical indicators like an RSI of 14 suggest extreme oversold conditions – a state that has historically preceded short-term volatility or relief rallies – traders should be wary of viewing this solely as a ‘buy the dip’ signal. In our assessment, the combination of $1.17 billion in liquidations and sustained institutional outflows indicates that the market is currently undergoing a structural deleveraging.
Unlike a simple ‘flash crash,’ this current trend is fueled by a change in risk appetite among institutional players, meaning support levels that held previously may see significantly less conviction from market participants until macroeconomic clarity returns.”
Record Number of Bitcoin Held at a Loss
On-chain data illustrates how quickly market conditions have deteriorated.
According to Glassnode data shared on June 25, approximately 10.83 million BTC are currently held below their acquisition price, representing the highest amount of Bitcoin supply in unrealized loss ever recorded. Long-term holders collectively control roughly 14.8 million BTC, or about 75% of circulating supply, with approximately 37% of those holdings currently underwater.
Historically, elevated unrealized losses often accompany periods of heightened market stress. However, they do not automatically signal capitulation, as long-term holders have frequently retained positions through previous market downturns.
The growing proportion of coins in loss reflects both Bitcoin’s recent decline and the substantial accumulation that occurred at higher price levels earlier in the cycle.
Liquidations Accelerate Market Volatility
Derivatives markets amplified the selloff.
According to information from CoinGlass showed more than 200,000 traders were liquidated over the past 24 hours, with total liquidations reaching approximately $1.17 billion. Long positions accounted for roughly $942 million, highlighting how leveraged bullish bets were rapidly unwound as prices broke below major support levels.
Bitcoin represented the largest share of liquidations at roughly $502 million, followed by Ethereum with nearly $279 million. Solana, Dogecoin, XRP and several smaller digital assets also experienced elevated forced liquidations as prices declined across the market.
Large liquidation events often accelerate price swings because forced position closures create additional market sell orders, reinforcing existing downward momentum.
For now, investors remain focused on whether institutional demand stabilizes after the latest ETF withdrawals and whether Bitcoin can regain the $60,000 level. Until those conditions improve, sentiment is likely to remain fragile as traders balance oversold technical conditions against continued macroeconomic uncertainty and persistent selling pressure.
The information presented in this article is intended for informational purposes only and should not be interpreted as financial, investment, or trading advice. Coinspress.com does not promote or advocate for any particular investment strategy, asset, or cryptocurrency project. Cryptocurrency markets are highly volatile and unpredictable – always perform your own research and seek guidance from a qualified financial professional before making any investment decisions.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
