Bitcoin and Ether Face $1 Billion Liquidation Amid Market Volatility
Bitcoin dropped to $59,175 before recovering to about $61,500, coinciding with nearly $1 billion in liquidated futures positions across multiple cryptocurrencies, according to CoinDesk. Market pressures include a hawkish Federal Reserve and significant options expiry, keeping traders cautious.
Bitcoin experienced a significant drop to $59,175 overnight, its lowest point since early June, before rebounding to approximately $61,500. This volatility coincided with nearly $1 billion worth of liquidations in futures positions across major cryptocurrencies, including Bitcoin, Ether, and Solana, as well as tokenized stocks like Micron Technology and Sandisk.
The decline led to about $430 million in liquidations of long positions in Bitcoin futures, which represent bets on rising prices that get automatically closed when prices fall. Several factors contributed to this downturn, including a hawkish stance from the Federal Reserve, six consecutive weeks of outflows from exchange-traded funds (ETFs), decreased summer liquidity, and the upcoming quarter-end options expiry on June 30, which traders believe is adding further instability to the market.
Market-maker Wintermute noted that $59,000 was a critical support level to monitor. While Bitcoin's low held, a cluster of $1.6 billion in leveraged long positions is located below $58,000. A breach of this level could accelerate further price declines.
Interestingly, recovery in the stock of Micron Technology following its strong quarterly earnings report, which exceeded analysts' expectations, has had a positive impact on the broader memory chip sector. This surge in AI chip stocks, initially seen as a risk when the Kospi index dropped 10% due to fears of a spending slowdown, appears to be providing upward momentum for cryptocurrencies.
Looking ahead, the market remains sensitive to upcoming data releases, particularly the Personal Consumption Expenditures (PCE) inflation report, which is the Federal Reserve's preferred inflation measure and could influence market movements.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jun 25, 2026. SolanaWire does not republish source content.
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