Heading into the final week of June, bitcoin has plunged to levels not seen since 2024. We break down how altcoins are faring and what’s dragging BTC▼$61,207.00 down.
Overnight on June 24-25, 2026, bitcoin (BTC) dropped to $59,023–its lowest since October 10, 2024. By the time of publication, the coin had recovered to roughly $61,800, trimming the daily loss to just over 1%.
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Why Did BTC Price Drop to $59K on June 25?
Outflows from the U.S. spot bitcoin ETFs accelerated from $113.8M to $469M over the past 24 hours. Negative flows have now continued for seven straight weeks. Total assets under management have shrunk to $77.5B, down from nearly $113B at the end of 2025. ETF issuers are being forced to sell physical bitcoin on the open market, increasing supply amid weak demand.
According to Santiment, crypto wallets holding 10 to 10K BTC sold 45,074 coins over the past eight days. CryptoQuant recorded a $1.06B increase in negative CVD on Binance, alongside rising open interest–a sign of increasing leveraged bearish positions.
Additional pressure is coming from expectations of a Fed rate hike in September. Investment banks now aren’t ruling out three hikes this year. The dollar is strengthening, creating a challenging environment for risk assets.
A key procedural vote on the CLARITY Act is expected within the next five weeks, after which Congress goes on recess. A delay until fall would remove a powerful regulatory catalyst for the industry.
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Other Cryptocurrencies: Ethereum Below $1,600 and Altcoins in the Red
Ethereum (ETH) dropped to $1,600 but had recovered to roughly $1,650 by press time. The altcoin’s 24-hour decline is just 1%, but the weekly loss has reached 5%.
Among the top 10 cryptocurrencies, Hyperliquid (HYPE▲$62.92) showed the best daily performance, gaining more than 3%. The biggest 24-hour loss, 1.3%, was recorded by bitcoin. Over the weekly timeframe, Tron (TRX) led with a 3% gain, while Hyperliquid (HYPE) was the worst performer, down nearly 7.5%.
In the top 100, Aave (AAVE▲$82.10) led the daily gainers with a rise of more than 14%. The worst performer was MemeCore (M), down nearly 76% in 24 hours.
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The Broader Crypto Market: $1B in Liquidations and Fearful Investors
Nearly $1B in positions have been liquidated on the crypto market over the past 24 hours. More than $780M came from longs, about $212M from shorts. Bitcoin liquidations exceeded $413M, while Ethereum liquidations topped $226M.
The liquidation map shows a cluster of $1.6B in long positions below $58K–a break below that level would accelerate the decline.
The Crypto Fear and Greed Index crashed from 17 to 12, remaining in “extreme fear” territory.
The key event of the day will be the US GDP report and PCE data at 12:30 UTC. Stronger-than-expected numbers could reinforce tightening expectations, while softer data would support crypto. QCP Capital noted that the options market isn’t convinced a single catalyst will push the price beyond the current range–broader alignment of macro and crypto-specific factors will be needed.
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