Bitcoin Crashes Below $60,000 as Crypto Market Faces $1 Billion in Liquidations
Bitcoin plummeted to $59,000 on June 25, 2026—its lowest level since October 2024—triggering nearly $1 billion in liquidations across the crypto market. The sell-off was driven by ETF outflows, inflation concerns, and shifting Fed expectations amid a prolonged bear market for digital assets.
The Crash
Overnight on June 24-25, 2026, bitcoin (BTC) dropped to $59,023–its lowest since October 10, 2024. By the time of publication, the coin had recovered to roughly $61,800, trimming the daily loss to just over 1%. Bitcoin quickly plunged 5% to $58,000 in early Thursday U.S. trading, its lowest level since 2024.
Liquidations and Market Stress
Nearly $1B in positions have been liquidated on the crypto market over the past 24 hours. More than $780M came from longs, about $212M from shorts. Bitcoin liquidations exceeded $413M, while Ethereum liquidations topped $226M. The Crypto Fear and Greed Index crashed from 17 to 12, remaining in "extreme fear" territory.
ETF Outflows and Investor Exodus
Outflows from the U.S. spot bitcoin ETFs accelerated from $113.8M to $469M over the past 24 hours. Negative flows have now continued for seven straight weeks. Total assets under management have shrunk to $77.5B, down from nearly $113B at the end of 2025. ETF issuers are being forced to sell physical bitcoin on the open market, increasing supply amid weak demand.
Market Drivers
ETF outflows, a potential delay in the CLARITY Act, and money moving out of crypto and into other investments, particularly AI stocks, have all led to an extended bear market for the most popular cryptocurrencies. The collapse comes as the Federal Reserve signals potential interest rate hikes and investors reassess cryptocurrency valuations amid heightened macro uncertainty.
Technical Positioning
Derivatives and order-book data show crowded short positioning and stronger buy orders below the market, suggesting conditions are ripe for a short squeeze despite bitcoin's ongoing downtrend. However, the oversold conditions have not yet translated into sustained recovery.