BTC Drops Below $60,000 Amid AI Stock Sell-off, Market Remains Stable
Bitcoin fell below $60,000 on June 24, reaching a low of approximately $59,000, following a sell-off in semiconductor and AI stocks. The decline, marked by a 5% intraday drop, led to $994 million in liquidations, with $780 million in long positions. Market makers were forced to short due to $1.2 billion in nominal Put positions at the $60K level, intensifying the downward trend.
Despite the drop, the market showed an "orderly decline" rather than panic, with BTC quoted at $59,992, down 6.9% for the week, and ETH at $1,578, down 9.3%. Volatility indices rose slightly, and institutional hedging shifted towards a balanced approach. US spot BTC ETFs experienced net outflows of $1.79 billion, the second-highest on record, continuing a seven-week trend. Meanwhile, MSTR's stock price fell below its BTC book value, impacting its flywheel effect.
