Bitcoin tests $59K as ETFs lose $692 M and $10.6 B options expiry

Bitcoin fell to $59,100 on Friday, its lowest since September 2024, as U.S. spot Bitcoin ETFs shed $691 million in a single day and the market faced a $10.6 billion options expiry [1]. The slide puts Bitcoin 53% below its all‑time high and tests the $60,000 “line in the sand,” a level that could determine whether buyers or sellers dominate the thin‑liquidity environment.

What drove the move

The biggest single‑day outflow from U.S. spot Bitcoin ETFs since late May was $691 million, according to Farside Investors data [1]. Julio Moreno of CryptoQuant noted that annual ETF inflows have stalled at “basically zero,” meaning the funds are now adding to Bitcoin’s supply rather than absorbing it. At the same time, Deribit reported roughly $10.6 billion of Bitcoin options expiring on Friday, with about 80% out‑of‑the‑money and the “max‑pain” level near $72,000 [1]. The $60,000 strike, carrying $450 million in open interest, sits just above current prices and has become the market’s pivotal support line [2].

Market context and liquidity pressure

The price drop triggered over $1.1 billion in leveraged crypto liquidations in the prior 24 hours, of which $875 million were long positions, according to CoinGlass [1]. This liquidation flush removed excess bullish bets, leaving a cleaner base but also exposing thin liquidity around the $58‑$60 k band. Bitcoin’s market cap remains near $1.18 trillion, roughly 53% below its October record of $126,080 [1]. On‑chain data shows the price briefly slipped below its 200‑week moving average, a level historically viewed as a psychological floor [1].

Sentiment and outlook

Prediction market Myriad places a 77% probability that Bitcoin will fall to $55,000, up from 72% earlier in the week [1]. Analysts such as Mike McCluskey stress that defending the $60,000 level would confirm dip‑buyer control, while a breach could accelerate downside in the current thin‑liquidity setting [1]. Galaxy Digital’s Mike Novogratz links Bitcoin’s longer‑term upside to macro factors like the Clarity Act and potential Fed rate cuts, noting that without a new catalyst the asset is likely to remain range‑bound [1].

What to watch

• $60,000 support – a breach could trigger further downside; a hold may stabilize the market.
• June 26 options expiry – $10.6 billion of contracts settle, potentially clearing short‑overhang.
• ETF flow trends – continued outflows would keep supply pressure high; a reversal could provide fresh demand.

The price action underscores how tightly Bitcoin’s near‑term trajectory is tied to institutional flow dynamics and the outcome of the $10.6 billion options expiry. Whether the $60,000 barrier holds will shape the market’s direction into July and beyond.