Bitcoin fell by $59,000 on Friday, while the market was under pressure from ETF outflows, quarterly options maturity and leverage clearing. The lowest touch in the disk was $58,189 and fell by about 6.4 per cent in the past week, close to low since September 2024.

ETF single-day outflows close to $700 million.

The United States spot bitcoin ETF net outflow on Thursday was about $691 million, the largest single-day outflow since 27 May. The withdrawal increased the pressure on the spot market and continued to weaken short-term sentiment.

According to some researchers, the annual rate of increase in the holding of ETF bitcoin has slowed markedly. Unlike in the early days of the market, the current new purchases have weakened and are difficult to push over the hedge market.

$10.6 billion is due on Friday.

Deribit is about 10.6 billion bitcoin options due on Friday, one of the largest quarterly settlements this year. It was mentioned that about 80 per cent of the contracts could expire when Bitcoin was clearly below the “maximum pain point” price of about $72,000.

The market is also concerned about the $660,000 line of performance. If the position is not maintained, fluctuations in the low liquidity environment may be further magnified; if it is secured, it is expected to ease short-line voltage.

  • Bitcoin 24 hours: USD 58,189 to USD 60,724
  • Current market value is approximately $1.18 trillion
  • Declining in the past week: 6.4 per cent

Leverage settlement exceeded $1.1 billion.

The CoinGlass data show that over the past 24 hours of encrypted market leverage settlement exceeded $1.1 billion, many of which involved approximately $875 million. Market volatility was further amplified by high-speed price downswings, which resulted in a high concentration of leverage.

At the macro level, the market continues to absorb tight interest rate expectations. The report mentions that, against the backdrop of the expected later movement of interest rates from the Federal Reserve and the geo-polging of oil prices, there is also a lack of new mobility for the risk asset as a whole and for Bitcoin.

The Chief Executive Officer of Galaxy Digital, Mike Novogratz, stated that market follow-up continued to be concerned about developments in United States encryption legislation and when the Federal Reserve will shift to interest rates. Bitcoin is likely to continue to fluctuate until new catalysts emerge.