Bitcoin plunged to an intraday low of $58,131 on June 25, its weakest level since September 2024. The 21-month low came as traders confronted a brutal convergence of macro headwinds, institutional selling pressure, and mounting anxiety about the crypto market’s single largest corporate holder.
The damage was swift. Over $1 billion in liquidations hit the market in just 24 hours, with long positions bearing the brunt. Bitcoin managed to claw back to around $59,460, but the Crypto Fear & Greed Index had already flipped to “extreme fear.”
What’s driving the selloff
The Personal Consumption Expenditures price index, the Federal Reserve’s preferred inflation gauge, hit three-year highs, signaling that interest rates aren’t coming down anytime soon.
Bitcoin spot ETFs, which had been a reliable demand engine, experienced significant outflows through May and into early June 2026. The institutional bid that helped push Bitcoin to its all-time highs has, at least temporarily, dried up.
