Bitcoin fell by $59,000 on Thursday night, with the lowest touch on the plate of $582 million, and then returned to the vicinity of $60,000. The continued net outflow of spot ETFs, the leveraging of multiple and concentrated silos, and the transfer of short-line holders to the exchange of bitcoin have jointly amplified market pressures.

ETF successive outflows and bursting.

SoSoValue data show that United States spot bitcoin ETF net outflows of $696 million on Thursdays have been redeemed on six consecutive trading days. The U.S. F.E.E.F. net-out of $81.9 million that day, also six consecutive days.

From a single product, Belet IBIT is about $63 million out, Fuda FBT is about $3.5 million out, and the Greyscale Fund is about $23 million out. No significant net inflows were recorded at that date.

The CoinGlass data show that over $1 billion of the warehouse space in the past 24-hour encrypted market has been liquidated, with more than $842 million. Bitcoin-related liquidations amount to approximately $489 million, and the Nappo approximately $295 million. The single largest settlement was in Hyperliquid for a US$ 38.05 million BTC-USD warehouse.

Short-line focus of $59,000-$60,000

Core areas of market concern remain at $59,000 to $60 million. According to trader Daan Cripto Trades, Bitcoin has cleaned up a large amount of liquidity near $60,000, while the larger mobile concentration area is now located near $67,000, that is, around the height of June.

In his view, if the purchaser were able to hold up the $59,000 to $60 million area, the market might first enter and stabilize; if the price returned to the same level of support, it would suggest that the position was being reduced and that there was a risk of continued downscaling.

Short-line holder losses transferred to exchange

According to CriptoQant Analyst Amr Taha, the market value of short-term holders of Bitcoin fell to $23.7 billion on 26 June, the lowest level since the beginning of October 2024, indicating that a number of recent buyers are already at a loss.

He also mentioned that on June 25, the index of encrypted market fear and greed dropped to 12 and was in “extreme fear”. At the same time, short-term holders transferred about 50,000 BTCs to the exchange at a loss level within 24 hours, of which about 9500 were received in currency, the highest level since the beginning of June. Such transfers do not amount to total sales, but usually mean that tradable chips are increasing.

Short-line indicators still not clearly repaired

Technically, the fact that the MCD had a slight gold fork, but the two lines were still below the zero axis, suggested that the decline had only slowed temporarily and the trend had not yet been reversed. RSI, about 32.98, is still close to the oversale area and below average, indicating that the purchasing power has not recovered.

At the macro level, the market is also following the progress of interim peace arrangements between the United States and Iran, but this news has not yet changed the short-line movement of encrypted assets. In the case of Bitcoin, the more immediate test remains the ability to hold between $59,000 and $66,000.