Bitcoin slides below US$60,000 as crypto market cap shrinks to $2tn
The cryptocurrency market endured a sharp sell‑off on 25 June, with total market capitalisation retreating to around US$2 trillion — its lowest level since October 2024 — amid mounting macroeconomic pressure and tightening liquidity.
25th June 2026 – (New York) The cryptocurrency market endured a sharp sell‑off on 25 June, with total market capitalisation retreating to around US$2 trillion — its lowest level since October 2024 — amid mounting macroeconomic pressure and tightening liquidity. Bitcoin briefly slipped beneath the US$60,000 threshold during morning trading, extending a pullback that began after it reached US$67,000 on 15th June. Although the world’s largest digital asset later clawed its way back above the US$60,000 mark, the drop triggered widespread liquidations across the market. More than 170,000 traders were forced out of positions over a 24‑hour period, with total liquidations approaching US$1 billion. Long positions accounted for roughly US$800 million, or about 80 per cent of the total. Bitcoin and Ethereum longs bore the brunt of the losses, representing approximately US$400 million and US$200 million respectively. The downturn was not sparked by a single adverse headline but by a confluence of macroeconomic and liquidity factors. Hawkish signals from the U. S. Federal Reserve following its June policy meeting have dampened expectations of imminent rate cuts and even revived speculation about potential future tightening. As a result, capital has gravitated towards perceived safe‑haven assets, leaving risk‑oriented sectors such as digital currencies exposed. At the same time, renewed enthusiasm for traditional equity listings has diverted investor attention. The Nasdaq debut of SpaceX, coupled with anticipated flotations from artificial intelligence heavyweights including OpenAI and Anthropic, has drawn both retail and institutional funds away from crypto markets, exacerbating a liquidity squeeze in the absence of compelling new narratives within the sector. Exchange‑traded fund flows have compounded the pressure. Data from Coinglass show that US spot Bitcoin ETFs have recorded net outflows for five consecutive trading days, totalling US$584 million. On 24 thJune alone, withdrawals reached roughly US$229 million, eroding the buying momentum seen earlier in the month and weakening price support. Corporate demand has also softened. Strategy (MSTR), the largest listed corporate holder of Bitcoin, has faced constraints after its preferred shares, STRC, fell below their US$100 par value. The decline has limited its financing flexibility, forcing the company to rely more heavily on its existing cash reserves — estimated at US$1. 4 billion — or operating income from its software business. Analysts say this shift reduces its capacity to accumulate additional Bitcoin, removing a significant source of market demand. Across the broader market, major tokens including Ethereum, Solana and Dogecoin each fell more than 3 per cent, while only HyperLiquid registered a modest gain among the top‑capitalised cryptocurrencies. From a technical standpoint, analysts note that Bitcoin’s swift rebound above US$60,000 could indicate a so‑called “false breakdown”, suggesting bulls remain committed to defending the psychological support level. However, should liquidity conditions deteriorate further or fresh negative catalysts emerge, the next significant support zone is widely seen around US$50,000.