Bitcoin and Ethereum slip below $60K and $2.1K as liquidations hit

Bitcoin fell to $59,800, briefly slipping below $58,500, after a cascade of liquidations erased roughly $1.48 billion of leveraged positions; Ethereum hovered near $2,100, losing about $359 million in the same wave. The moves highlight renewed pressure on short‑term holders and a waning of institutional inflows into spot ETFs.

Liquidations and market pressure

CoinGlass data show more than 217,700 traders were liquidated in the past 24 hours, with total losses near $1.5 billion—longs accounting for $1.2 billion and shorts for $270 million【2】. Bitcoin’s biggest single‑day loss was about $665 million, followed by Ethereum’s $359 million and XRP’s $50.5 million. The sell‑off coincided with fresh US inflation data that reinforced expectations of higher interest rates, keeping institutional demand for Bitcoin weak and prompting spot Bitcoin ETFs to record net outflows exceeding 40,000 BTC (≈ $3 billion) over several weeks【2】.

Divergent price narratives

One source notes Bitcoin spot ETFs have attracted nearly $59 billion since launch, anchoring the price around $77,000 and providing a “solid floor” for the asset【1】. Another report places Bitcoin near $59,800 after the liquidation event, suggesting a lower‑than‑expected market floor【2】. The discrepancy underscores the volatility of the market and the importance of monitoring both on‑chain pressure and institutional fund flows. Ethereum, meanwhile, remains priced near $2,100, with its staking‑linked yield still modest (2–3 % annual) but attractive to income‑seeking investors【1】.

Token‑level context

CryptoQuant’s Short‑Term Holder Realised Price Momentum fell from –2.4 % in mid‑March to roughly –24 % by late June, indicating that recent buyers are entering at significantly lower prices than a year earlier【2】. This metric, combined with the lack of fresh institutional inflows, suggests a broader weakening of short‑term conviction across the crypto market.

What to watch

• Bitcoin support: $58,000‑$58,500 zone, where liquidity pockets have previously absorbed downside pressure.
• Ethereum resistance: $2,200‑$2,300 range, which could test the asset’s ability to rebound if broader risk sentiment improves.
• ETF flows: Net outflows from spot Bitcoin ETFs (≈ 40,000 BTC) and the trajectory of U.S. spot Ethereum ETF assets (≈ $13 billion) as indicators of institutional appetite.

The twin dips in Bitcoin and Ethereum illustrate how rapid liquidation events can override even strong institutional backing, leaving the market’s short‑term direction dependent on whether new buying can fill the liquidity gaps created by the recent outflows.