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Bitcoin has further tumbled below another psychological barrier of $60,000 as a result of liquidations in the derivative markets. This has come after Bitcoin fell to an intraday low of $58,188, its lowest level since October 2024, before recovering to about $61,800. This breakdown triggered almost $1.48 billion in crypto liquidations within 24 hours, with long trades absorbing $1.21 billion of these losses.
This is the second time Bitcoin has fallen below $60,000. Earlier, a brief fall on June 23 resulted in $850 million of liquidations across the markets.
According to data from Deribit, about $9.33 billion in Bitcoin options-representing 1,57,611 open contracts- are scheduled to expire on Friday, making it the largest options expiries of the year. Call open interests is concentrated between the $75,000 to $90,000 strike price, while put positions are clustered around the $20,000 to $70,000 range.
The max pain price- the level at which most option contracts are expected to expire being worthless, remains at $72,000, well above Bitcoin’s current value. With BTC far below the heaviest call positions, the options market is likely to keep adjusting hedges through expiry, injecting additional short-term volatility into an already stressed market.
This decline has even impacted the values of crypto linked firms with Coinbase, Robinhood, Circle Strive and SharpLink trading lower. Institutional investors recorded roughly $180 million in combined net outflows during the week, with Bitcoin ETF outflows continuing to surge towards $3 billion in June alone.
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