Bitcoin drops to $58,000 as ETF outflows and $10B options expire
Bitcoin Drops to $58K Amid ETF Outflows and Heavy Liquidations
Bitcoin fell toward $58,000 as selling pressure hit crypto and tech stocks at the same time. The drop followed large U.S. ETF redemptions, aggressive leverage unwinds, and a $10B options expiry.
On June 25, U.S. spot Bitcoin ETFs saw $691.7M–$696M in net outflows, marking six straight days of redemptions. Fidelity’s FBTC lost about $274.5M, and BlackRock’s IBIT shed about $265.7M.
This streak signals weaker institutional demand. When flows turn negative alongside falling prices, traders question whether dip-buying demand can absorb forced selling and hedging.
The decline came just before a large Deribit monthly options expiry worth ~$10B. Most notable strikes were in the $55K–$60K range, with stronger put demand showing downside caution.
Over $1B in leveraged positions were liquidated across crypto in 24 hours. Forced liquidations drove sharper intraday moves in already thin liquidity conditions.
Global risk sentiment worsened as tech shares and Nasdaq futures dropped, adding pressure to assets like Bitcoin, which trade increasingly like high-beta tech plays during macro sell-offs.
Now traders watch whether ETF outflows slow, expiry-driven flows ease, and Bitcoin can hold the lower end of its range. Continued redemptions and leverage unwinds could keep downside hedging in focus.
Sources: CoinDesk Markets, Tokenpost, CoinDesk Derivatives.
