- Bitcoin dropped below $60,000 as a broader selloff hit crypto, technology stocks, and other risk assets.
- More than $650 million in crypto positions were liquidated within 24 hours, with long traders taking the biggest hit.
- ETF outflows and weakness across crypto-related stocks added to growing market pressure.
Bitcoin slipped below the key $60,000 level on Wednesday, extending a sharp decline that has swept through both crypto and traditional financial markets. The world’s largest cryptocurrency fell nearly 5% over the last 24 hours, touching a low near $59,600 before stabilizing around $59,800.
The latest move comes as investors continue pulling away from risk assets amid growing concerns over technology valuations, institutional demand, and broader market uncertainty. Bitcoin’s decline has once again pushed prices back to levels not seen since October 2024, highlighting the challenges facing crypto bulls this month.
Liquidations Accelerate the Selloff
The downturn triggered a wave of forced liquidations across the crypto market. According to market data, more than $650 million worth of leveraged positions were wiped out during the past 24 hours.
Long traders absorbed the vast majority of the damage, accounting for roughly $580 million in liquidations, while short sellers saw approximately $70 million in positions closed. These forced exits amplified selling pressure and contributed to the speed of Bitcoin’s decline.
As often happens during periods of heightened volatility, the liquidation cascade spread quickly across major cryptocurrencies, causing losses to deepen throughout the market.
Altcoins Follow Bitcoin Lower
The weakness was not limited to Bitcoin. Ethereum dropped below the $1,600 mark and traded near $1,590, while Solana slipped under $67. XRP also faced selling pressure, falling toward the $1.05 level.
The broader digital asset market suffered significant losses as investors reduced exposure to higher-risk assets. Total crypto market capitalization declined to approximately $2.08 trillion, leaving the sector down around 3% on the day.
The synchronized decline suggests that investors are not simply rotating between crypto assets but are instead reducing overall exposure to the sector.
Tech Stock Weakness Weighs on Crypto
Crypto’s latest downturn closely mirrors weakness across traditional financial markets, particularly within the technology sector. Since mid-June, the S&P 500 has fallen roughly 3%, while the Nasdaq has lost nearly 4% as investors reassess the sustainability of elevated valuations and rising artificial intelligence spending.
Major technology names also traded lower during the session. Nvidia fell below $200, Microsoft hovered near $372, and Apple remained close to the $300 level. Most members of the so-called Magnificent Seven group experienced losses, reflecting broader risk-off sentiment throughout the market.
Historically, Bitcoin has shown increasing correlation with technology stocks during periods of market stress, and the latest decline appears to be following that pattern once again.
Crypto Stocks and ETFs See Heavy Outflows
The pressure extended beyond cryptocurrencies themselves and into crypto-related equities. Strategy shares dropped nearly 9%, trading below $100, while Bitcoin treasury firms such as Strive, Bitmine, and SharpLink also posted notable declines.
Major crypto companies were not spared. Coinbase and Robinhood fell roughly 4.5%, Circle lost nearly 6%, and Galaxy Digital declined around 5%. Mining and infrastructure firms including IREN, Cipher, TeraWulf, and Hut 8 also moved sharply lower.
At the same time, institutional demand appears to be cooling. U.S. spot Bitcoin ETFs recorded approximately $180 million in combined net outflows across Monday and Tuesday, while spot Ethereum ETFs experienced roughly $152.5 million in withdrawals. The continued redemptions have added another layer of selling pressure at a time when market sentiment remains fragile.
What Comes Next for Bitcoin?
Bitcoin has now fallen below $60,000 for the second time in June, a level many traders view as a critical support zone. Whether buyers step in aggressively at current prices could determine the market’s next major move.
For now, investors remain focused on institutional flows, broader stock market performance, and macroeconomic developments. Until sentiment improves and ETF demand returns, volatility is likely to remain elevated across both Bitcoin and the wider crypto market.
