Bitcoin near $60,000 after $58,000 drop; options, ETF flows test

Bitcoin traded near $60,000 after slipping to about $58,000 on a weekend marked by a large options expiry, sizable futures liquidations and multi-day ETF outflows. More than $10.6 billion of Bitcoin options expired on June 26, roughly $1 billion of futures positions were liquidated within 24 hours after the dip below $60,000, and spot Bitcoin ETFs recorded about $1.1 billion of outflows between June 24 and 25.

The U.S. core personal consumption expenditures inflation reading for May came in at 3.4% year over year. The reading was above the Federal Reserve’s 2% target but broadly matched economists’ expectations and was one element of the market backdrop during the period.

Options expiry data showed roughly 80% of the expiring open interest was out of the money and the theoretical maximum-loss strike, or “max pain,” clustered in the low $70,000s. The $60,000 put strike carried about $450 million in open interest into expiry. The gap between spot and the max pain level left a portion of positioning stranded above the market price when the contracts lapsed.

When Bitcoin traded below $60,000, liquidation events removed nearly $1 billion of futures exposure in 24 hours, with long positions taking the largest share of forced exits. Lacie Zhang, a research analyst at Bitget Wallet, wrote that the liquidation removed excess long positions and reduced leveraged exposure.

Data on spot ETF flows show the two-day outflows translated into selling pressure during U.S. trading hours. ETF trading is paused until June 29, leaving several days without fresh institutional redemptions hitting the spot market and creating a short window to observe native crypto liquidity without that particular flow.

Market structure metrics indicated Bitcoin dominance near 55% while prices corrected, with Bitcoin and Ether absorbing more defensive capital and mid- and small-cap altcoins seeing heavier selling. Traders rotated into large-cap layer-1 projects and yield-generating sectors during the period.

Traders are watching technical levels closely. Immediate support is in a band around $58,000 to $58,300. The first reclaim zone is near $60,600 to $61,000. A move above $62,000 is being monitored as a confirmation level, while a sustained break below $58,000 would place $53,000 to $54,000 as the next meaningful support cluster.

The options expiry removed a major positioning overhang, and the ETF trading pause removes one source of daily selling. Market participants are observing flows, on-chain accumulation and trader positioning in the 72 hours after the expiry to assess how liquidity and exposure are settling.