Bitcoin surged too much and then gave it back—fell below “$65.6k”! Ahead of FOMC’s debut, traders watched cautiously as $338 million in liquidations hit in a single day

Yesterday (6/16), Bitcoin once surged to nearly $67,300 high, ETH soared 4.6% in a single day, with over 107k liquidations exceeding $489 million; this morning (6/17), gains were retraced, and BTC slipped to $65,802. The entire network saw $338 million in liquidations over 24 hours, mainly long positions, with the Fear and Greed Index still at "Extreme Fear" 22. The FOMC decision will be announced in Taipei time early morning on 6/18, marking the debut of new Chair Kevin Warsh, with the market holding its breath, and the market volume contracting, indicating a weak consolidation.

(Background summary: Bitcoin hit 67,300 USD, Ethereum up 4.6%! Bloodbath for the bears with 107k liquidations totaling $489 million)

(Additional context: Fed spokesperson comments on Warsh’s first appearance: The new Fed Chair needs to prove that "shutting up" is more powerful than "talking.")

Table of Contents

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• Liquidations: $338 million in 24h, mainly long positions
• Trigger factors: Warsh’s debut, Bank of Japan rate hike, tech stocks lead decline
• Other cryptocurrencies: XRP, SOL fell more sharply, ETH relatively resilient
• Sentiment and outlook: ETF outflows for three consecutive weeks, but cold storage accumulation remains

Last night, the bulls temporarily succeeded in harvesting gains, with Bitcoin (BTC) surging to nearly $67,300 during the session on June 16 (approaching the 14-day peak of $67,270 on 6/3), Ethereum (ETH) jumped over 4.6% in a single day, with over 107k liquidations and the 24-hour liquidation scale once breaking $489 million. However, this morning (Taipei time 6/17 09:08), the gains were retraced, and BTC is now at $65,802 (24h high 66,992 / low 65,361, -0.74%), ETH at $1,794 (24h high 1,840 / low 1,758, nearly unchanged +0.11%). From the bottom on 6/6 at $59,353, the rebound has exceeded 10%, but the volume contraction this morning signals: bulls dare not chase higher before the FOMC.

Liquidations: $338 million in 24h, mainly long positions

The retracement after the surge turned the chasing bulls into the biggest losers. According to CoinGlass data, in the past 24 hours, total liquidations across the network reached $338,481,714, mainly long positions, with $114.65 million liquidated within 12 hours, far exceeding short positions. The largest single liquidation was about $789.8k. The pattern of chasing longs during a rally and being liquidated during the pullback is typical of this rebound: shorts haven't fully exited, and longs are hesitant to chase.

Trigger factors: Warsh’s debut, Bank of Japan rate hike, tech stocks lead decline

Tonight’s real focus is not on the crypto market but on the U.S. Federal Reserve. The FOMC June 16-17 meeting results will be announced in Taipei time early morning on June 18, with a 96-99% market expectation of holding steady, maintaining interest rates at 3.50%-3.75%. However, there are additional uncertainties: new Chair Kevin Warsh will preside over his first FOMC meeting, and his policy stance and communication style remain unknown; May’s CPI still high at 4.2%, leaving limited room for rate cuts.

U.S. stocks on 6/16 also reflected mixed sentiment: Nasdaq -1.15% closing at 26,376.34, led by tech stocks; S&P 500 slightly down -0.08% at 7,548.60; Dow Jones, however, rose +0.64%, approaching 52,000 points and hitting a new all-time high, with funds shifting toward defensive and value stocks. The Bank of Japan’s rate hike also increased global risk asset uncertainty.

Other cryptocurrencies: XRP, SOL fell more sharply, ETH relatively resilient

In this retracement, Ethereum performed the best, nearly flat over 24 hours (+0.11%), currently at $1,794, holding most of yesterday’s gains. SOL is at $73.53, with a 24-hour range of 72.29-75.65, down -0.92%; XRP at $1.22, range 1.21-1.26, with the deepest decline of -1.54%, with altcoins generally underperforming the broader market.

Sentiment and outlook: ETF outflows for three weeks straight, but cold storage accumulation remains

The Fear and Greed Index today is at 22 (Extreme Fear), yesterday 23, and last week’s low was only 9; sentiment has slightly improved but has not turned to "Greed." Bitcoin spot ETFs have outflows for three consecutive weeks in June, with weekly outflows totaling about $1.67 billion, and at the beginning of the month, a single week saw a net outflow of $3.4 billion—the largest weekly outflow since the ETF’s listing in January 2024.

However, on-chain data offers some balance: most funds are flowing into cold wallets for long-term holding rather than market selling, implying that if buying resumes, the rebound conditions still exist. Standard Chartered maintains its year-end target of $100k. Meanwhile, bears are waiting for any hawkish signals from the FOMC dot plot. In the next 24 hours, before the FOMC decision, the market is likely to remain cautious and volume-constrained; Warsh’s every word will be the trigger for the next move.