U.S. stocks bloodbath, Dow plunges 953 points, Bitcoin holds steady at $61k, fear index at 12, single-day liquidation hits $400 million

U.S. stocks on 6/10 faced a double whammy of CPI soaring to 4.2% and geopolitical tensions with Iran, causing a bloodbath, with the Dow plunging 953 points; Bitcoin held firm above $62k, currently trading at $61,956, with 24-hour liquidation reaching $407 million, 65% long positions, fear index at 12 indicating extreme fear, and market sentiment cautious ahead of next week's FOMC meeting.
(Background summary: Selling pressure emerges! Bitcoin drops below $61k, Ethereum dips to $1,600, with 24-hour total liquidation hitting $380 million.)
(Additional context: US May CPI surges to 4.2%! Energy prices spike as the main inflation driver, with December rate hike expectations reaching 42.5%.)

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• Total 24-hour liquidation hits $407 million, heavy losses for longs
• Trigger factors: CPI at 4.2%, warning signals from the Fed, Iran geopolitical triple threat
• SOL and XRP decline further, altcoins face heavier pressure
• Fear index at 12, ETF outflows for 3 consecutive days, cautious ahead of FOMC

U.S. stocks on 6/10 were hit by a double blow from CPI inflation data and Iran geopolitical tensions, with the Dow Jones Industrial Average dropping 953 points (−1.87%) to close at 49,918, the S&P 500 down 1.62% to 7,266, and Nasdaq falling 1.98% to 25,169, all near their intraday lows. The crypto market also oscillated, with Bitcoin fluctuating between $60,755 and $62,858 over 24 hours, currently at $61,956 (+0.26%), barely holding above the $62k mark; Ethereum is at $1,633 (−0.52%), slightly recovering from a 24-hour low of $1,603.

Total 24-hour liquidation reaches $407 million, heavy losses for longs

According to CoinGlass data, over the past 24 hours, total contract liquidations across the network reached $407.47M (about 62k USD), with long positions liquidated at $264.62M, accounting for about 65%, and short positions at $142.85M. Looking at the last 12 hours, liquidation accelerated to $269.86M (longs $170.99M / shorts $98.87M), with the largest single liquidation order reaching $3.34 million, indicating leveraged longs are being continuously wiped out in consolidation zones.

Trigger factors: CPI at 4.2%, warning signals from the Fed, Iran geopolitical triple threat

The immediate trigger was the release of the US May CPI report on 6/10, which surged to 4.2% year-over-year, hitting a new high for 2023, mainly driven by a spike in energy prices. After the data was released, market expectations for a December rate hike jumped to 42.5%, shattering hopes for rate cuts.

Fed whisperer Nick Timiraos immediately issued a warning on 6/10, stating that the May CPI report "does not support easing," and that the Fed's internal focus has shifted back to "whether to restart rate hikes." Meanwhile, from 6/9 to 6/10, the US issued multiple signals of increased military strikes against Iran, with heightened risks of the Hormuz Strait blockade, further fueling inflation concerns and dragging down US stocks.

Next Tuesday and Wednesday (6/16-6/17), the FOMC meeting will take place. Market expectations suggest the Fed may remove dovish language, and with CPI data plus the FOMC's barrage of statements, the outcome will determine whether Bitcoin can sustain its rebound since bottoming at $59,353 on 6/6.

SOL and XRP decline further, altcoins face heavier pressure

Solana is currently at $64.01 (−1.61%), with a 24-hour low of $62.34; XRP is at $1.1052 (−2.51%), with a 24-hour low of $1.0884, both showing deeper declines than Bitcoin. Both coins rebounded after bottoming on 6/6 (SOL previously up to $65.77, XRP up to $1.1376), but their momentum remains weak, and they are still consolidating at lower levels.

Fear index at 12, ETF outflows for 3 consecutive days, cautious ahead of FOMC

Alternative.me’s fear and greed index today is 12 (extreme fear), up from 9 yesterday, and the same as last week’s 12, indicating persistent extreme fear. Capital flows are also bearish: US spot Bitcoin ETFs saw net outflows of $77.44 million on 6/9, marking three consecutive days of net outflows; Ethereum ETFs also saw net outflows of $40.85 million on the same day.

Short-term focus: support levels for Bitcoin are at $60,755 (24-hour low) and the 6/6 bottom at $59,353, with resistance at $62,858 (24-hour high); for Ethereum, watch whether the $1,600 level can hold. Ahead of the FOMC, the market remains cautious, awaiting clearer direction after the meeting.