Bitcoin fell below $60,000 after a broad sell-off triggered $700 million in long liquidations across the crypto market on June 24. The decline deepened fear and erased speculative positions that had tried to buy the dip.
The sharp market move forced leveraged traders out as Bitcoin weakened below $60,000. Further losses appeared possible as selling pressure continued across the wider cryptocurrency market. AMBCrypto reported that Bitcoin open interest had already fallen from its 2025 peaks. Even so, volatility remained high as traders adjusted to rapid price movements.
At the same time, sustained spot exchange-traded fund outflows reflected weaker investor confidence. The Coinbase Premium Index also remained negative for more than a month. The negative premium pointed to limited demand from investors in the United States. Therefore, spot buying offered little support as Bitcoin extended its decline.
Crypto analyst Ali Martinez said Bitcoin’s apparent demand had remained negative for 208 days. The measure tracks whether spot demand can absorb new miner supply and older coins entering exchanges. Analyst Axel Adler Jr. also said net realized profit and loss had stayed negative for five months. The metric compares realized gains and losses using a 90-day moving average.
The prolonged period of realized losses matched conditions seen during previous bear markets. A similar pattern developed during the middle of 2022. Meanwhile, CryptoQuant analyst PelinayPA said the foundation for the latest losses had started forming in February. Bitcoin’s Miner Position Index then rose between March and June.
The index stood at minus 0.15. Although it remained negative, the reading showed miners transferring relatively more Bitcoin toward cryptocurrency exchanges. Miner-to-exchange flows also increased during the same period. Together, both metrics showed that miners had prepared more Bitcoin for possible selling.
Bitcoin’s realized price stood at $53,888, representing the average acquisition cost across the market. The level now serves as the next stated price target and a major support zone. Could buyers absorb the rising supply before Bitcoin retests its realized price?
Also Read: BTC ETF Assets Fall Below $73 Billion as Bitcoin Slides Below $60,000
GMO co-founder Jeremy Grantham renewed his criticism of Bitcoin during CNBC’s ‘Squawk Box’ on Friday. He described it as a speculative asset without intrinsic value. Grantham predicted that Bitcoin would gradually lose relevance over several decades. He also questioned its practical purpose and performance during a broader bull market.
According to Grantham, Bitcoin had failed to provide a stable store of value. He cited its latest price decline despite strength in the wider economy.
He contrasted Bitcoin with gold, which he said had still delivered solid gains despite retreating from its previous highs. Grantham also argued that consumers rarely use Bitcoin for everyday purchases or major commercial transactions. He further linked its use to illegal money transfers.
Bitcoin has declined by at least 70% from its peak during every previous market cycle. It currently trades about 52% below its October high and remains under $60,000.
Bitcoin’s fall below $60,000 triggered $700 million in long liquidations as weak spot demand, ETF outflows, and rising miner transfers increased selling pressure. With the realized price near $53,888 emerging as key support, traders should closely monitor demand and exchange flows before making market decisions.