Following the publication of inflation data in the United States, the market maintained the expected warming of the Federal Reserve at high interest rates, and encrypted assets were under pressure. Bitcoin fell to $58,188 on the 25th of June, then returned to the vicinity of $59,200, but the fall of $60,000 triggered a large-scale derivative settlement.

Close to $1.5 billion in 24-hour liquidation.

The CoinGlass data show that some 217,700 traders have been liquidated over the past 24 hours, totalling approximately US$ 14.80 billion. Of that amount, several losses were estimated at approximately $121 billion, while empty losses at approximately $270 million, indicating that the fall hit the upside of the bets even more.

In currency terms, bitcoin accounts for about $665 million, which is the top of the entire market; ephemerals about $359 million and XRP about $50.5 million. During the same period, it fell to $1,567, XRP to $1.03 and the total market value of the encryption market to about $2.13 trillion.

93.30 billion options due on Friday

In addition to the drop in cash, the derivatives market is also magnifying short-line fluctuations. Deribit data show that about 93.3 billion bitcoin options will expire on Friday, corresponding to 157,611 open contracts, one of the larger centralizations of the year.

At present, the increase in options is concentrated in the range of US$ 75,000 to US$ 90,000, while the drop is spread between US$ 20,000 and US$ 70,000. Deribit offers a “maximum pain point” price of $72,000, which is significantly higher than the current price. This means that traders may continue to adjust their hedge positions as they approach maturity and short-line fluctuations may remain high.

XRP derivatives are still at multiple levels. CoinGlass data show that the XRP multi-space ratio for the Binance platform is about 2.53 and the OKX platform is about 2.68. However, excessive concentration of multiple silos increases the risk of subsequent liquidation as prices continue to be under pressure.

PCE data push interest rate concerns

Data from the United States Bureau of Economic Analysis show that the PCE price index increased by 4.1 per cent per year in May, up from 3.8 per cent in April; the ring rate rose by 0.4 per cent. Core PCE rose 0.3 per cent that month, 3.4 per cent that year. Although some of the data are slightly below market expectations, the overall figure is significantly above the Fed ' s target of 2 per cent.

The same report also shows an increase of 0.7 per cent in the United States per capita income, 0.3 per cent in real consumption expenditure and 2.1 per cent in one quarter of GDP growth. This set of data reinforces the judgement that the United States economy remains resilient and increases the market ' s concern that interest rates will remain high for a longer period of time.

There is also no support for institutional funding. The report cites data that the United States' spot bitcoin ETF has accumulated a net outflow of about $6.4 billion over the past 30 days, one of the largest single-month redeeming periods since the product was listed. On the projected market, Polymarket, the probability of the trader's bid falling by $50,000 to $66 per cent and by $45,000 to 46 per cent.

The United States Bank has also recently adjusted interest rate expectations to the expectation that the Fed will increase interest rates three times this year, as compared to the previous judgement that interest rates would remain unchanged. This change further accentuated the market ' s sense of prudence with respect to risk assets.