Bitcoin plunges below $60K as $1.48B liquidation wave rocks crypto markets

Bitcoin Options Expiry Looms as Liquidation Wave and ETF Outflows Intensify Selling Pressure

Bitcoin -3.18% plunged below $60,000 this week, triggering a cascade of forced liquidations and deepening a months-long sentiment crisis in crypto markets. With a $9.33 billion options expiry on Deribit approaching on Friday, traders are bracing for further volatility during thin summer liquidity.

Liquidation Wave and Price Collapse

Overnight on June 24-25, Bitcoin dropped to an intraday low of $58,188 — its lowest level since October 2024 — before recovering to approximately $61,800. The breakdown triggered $1.48 billion in crypto liquidations within 24 hours, with long traders absorbing $1.21 billion of those losses, according to CoinGlass data cited by Cryptonomist. More than 217,700 traders were liquidated in the cascade.bitcoinfoundation +1

This marks the second time Bitcoin has fallen below $60,000 in June. An earlier breach on June 23 triggered $850 million in liquidations across the market, according to crypto.news. The price now sits roughly 52% below its 2025 peak above $126,000.cryptonews +1

Options Expiry Adds to Uncertainty

Data from Deribit shows approximately $9.33 billion in Bitcoin options — representing 157,611 open contracts — are scheduled to expire Friday. CoinDesk reported on June 17 that roughly $10.6 billion in options were set to expire on June 26, with about 80% already out of the money due to the downturn.coindesk +1

The max pain price — the level at which the most contracts expire worthless — sits at $72,000, well above current trading levels. This gap suggests most call holders will see their positions expire worthless, while the expiry could still amplify short-term price swings as dealers unwind hedges.cryptonomist

ETF Outflows and Deteriorating Sentiment

U.S. spot Bitcoin ETFs have experienced sustained outflows, with $6.4 billion exiting over the past 30 days according to Cryptonomist. Outflows accelerated to $469 million in the 24 hours leading up to June 25, extending a seven-week streak of negative flows. Total assets under management across spot Bitcoin ETFs have shrunk to $77.5 billion, down from nearly $113 billion at the end of 2025.bitcoinfoundation +1

The Crypto Fear & Greed Index stood at 26 on June 25, in the "Fear" zone, after spending extended periods in "Extreme Fear" territory earlier this month — hitting 11 on June 3 and 12 on June 6. Ethereum has also suffered, with ETH ETFs logging their own record outflow streak in recent weeks.cryptopolitan +3

Additional macro headwinds loom. Expectations of a Federal Reserve rate hike in September and a strengthening dollar are creating a hostile environment for risk assets, while a potential delay on the CLARITY Act crypto legislation until fall would remove a regulatory catalyst the industry has been counting on.bitcoinfoundation