Bitcoin surges to $65k then pulls back! Bullish traders suffer a bloodbath, with 24-hour liquidations totaling $368 million, and the fear index is only at 23

Hawkish FOMC Aftermath, Market Suffocates at Bottom. Today BTC Struggles to Turn Red, Rebounding to $64,230 (+0.52%), ETH Slightly Up +0.43%, indicating "Breathing Room in Extreme Fear" rather than a Rebound. 24-Hour Total Liquidations Reach $368 Million, Mostly Longs; Fear Index at 23, Remaining in Extreme Fear for Consecutive Days.
(Background: Hawkish Shadow! Bitcoin Falls Below $63,270, Suffocating at Bottom, Fear Index Drops to 20, $140 Million Liquidated in a Single Day)
(Additional Context: K33 Research: Long-term Bitcoin Holders Reach 79%, a New High! Exhausted Selling Pressure Suggests a Market Bottom in the Bear Phase)

Table of Contents

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• Bloodbath by Bulls: 24h Liquidations $368M, Largest Single Liquidation $11.09M
• Why Can’t the Market Shake Off Fear? Hawkish FOMC + ETF Outflows Double Pressure
• Altcoin Divergence: SOL, XRP Still in the Red, Diverging from BTC/ETH Trends
• Sentiment and Outlook: Fear Index 23, Dow Turns Green but Nasdaq Falls, Waiting for Next Directional Signal

After Hawkish FOMC Debut Wounds the Market, Bitcoin Survives at the Bottom This Week, briefly surged to $65,000 last night (23rd), currently at $64,230.64, up +0.52% in 24 hours, with a 24h range of $63,804 to $65,622. Ethereum stabilizes, now at $1,732.47 (+0.43%), with a low of $1,717 holding firm. The so-called "turning red" is at best a pause in extreme fear, far from a sign of rebound. Mainstream bulls are still under pressure, and altcoins remain relatively weak.

Bloodbath by Bulls: 24h Liquidations $368M, Largest Single Liquidation $11.09M

According to CoinGlass data, total contract liquidations across the network in the past 24 hours reached $368 million (USD 367.95M), predominantly longs. Bulls were again heavily liquidated at this low point of consolidation. Looking at the time slices: nearly $214.84M liquidated in the last 12 hours, with longs at $162.71M and shorts at $52.13M; in the last 4 hours, $71.35M liquidated (longs $66.05M, shorts only $5.30M); in the last hour, $22.90M (longs $21.36M). The largest single liquidation hit $11.09M, indicating continued capital concentration in long positions is disappearing.

Why Can’t the Market Shake Off Fear? Hawkish FOMC + ETF Outflows Double Pressure

There are two main factors suppressing this round of market movement. First, the Federal Reserve’s stance suddenly shifted: new Chair Kevin Warsh maintained interest rates at 3.50%, 3.75% during the 6/17 FOMC for the fourth consecutive time, but hawkish signals are more deadly than simply holding steady. The Fed revised up its year-end PCE inflation forecast to 3.6% (from 2.7%), with 9 officials expecting at least one rate hike this year, and 6 expecting at least two. CPI in May increased 4.2% YoY, core at 2.9%, forcing markets to reverse their bets on rate cuts. Second, institutional funds are pulling back simultaneously: US spot Bitcoin ETF experienced 13 consecutive trading days of net outflows totaling about $4.4 billion from 5/15 to 6/3, with a single week in early June seeing a net outflow of $3.4 billion, the largest weekly outflow since its listing in January 2024. Institutions are taking profits amid a hawkish rate outlook, even though net inflows still total around $58.7 billion, short-term capital momentum has clearly reversed.

Altcoin Divergence: SOL, XRP Still in the Red, Diverging from BTC/ETH Trends

Today is not a full rebound; mainstream altcoins remain under pressure. SOL is at $71.90, down -1.96% in 24 hours, with a low of $71.37; still nearly 5% below its 6/16 14-day peak of $75.60, indicating profit-taking pressure persists. XRP is at $1.1322, down -0.44% in 24 hours, with a range of $1.1216 to $1.1639; also well below its 6/16 high of $1.29, with a decline of over 12% from its peak. The divergence in trend between these two coins and BTC/ETH today shows capital is still contracting rather than rotating into other assets.

Sentiment and Outlook: Fear Index 23, Dow Turns Green but Nasdaq Falls, Waiting for Next Directional Signal

Crypto market sentiment remains cold: today’s Fear & Greed Index is 23 (Extreme Fear), yesterday at 20, staying in extreme fear for consecutive days, with only a slight increase of 3 points today. US stocks closed with mixed results on 6/22: Dow Jones +0.44%, S&P 500 +0.12% barely in the green, Nasdaq -0.27% slightly down, Russell 2000 +2.12% for the first time closing above 3,000 points, indicating some structural rotation in small and mid-cap stocks as funds cautiously shift from tech stocks at high levels. Short-term crypto trends still heavily depend on inflation data and Fed tone; until a clear directional signal emerges, the combination of "Extreme Fear + Bulls Liquidation" will likely continue to suppress rebound potential.