Bitcoin slightly retraces to $63k! Tech stocks sell-off bloodbath for the crypto market, $558 million liquidation, fear index hits 17

Bitcoin continues its decline this morning, hitting a low of $61,938, currently at $62,883 (-2.09%); Ethereum also plummeted to a low of $1,635, now at $1,667 (-3.77%). The total market liquidation over the past 24 hours reached $558.7 million, a surge of over 51% from the previous day, with longs and shorts nearly evenly split. The Nasdaq closed down 2.21%, with tech and semiconductor stocks selling off across the board, dragging risk assets lower. The Federal Reserve Chair’s hawkish stance continues to weigh heavily, with the Fear Index dropping to 17 (Extreme Fear).
(Background: Bitcoin "breaks below $62k" wiping out many Ethereum traders! $62k liquidated, 144k traders in distress)
(Additional context: Fed Chair’s hawkish debut! Bitcoin sharply drops below "$63.9k," turning red across the board, with $442 million liquidated and Fear Index at 15)

Table of Contents

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• Liquidations of $558 million, largest single liquidation of $14.14 million: Both longs and shorts hurt
• Triple pressure: Stock sell-off, hawkish Fed, ETF net outflows
• Altcoins weaken simultaneously: SOL drops below 70, XRP holds at 1.1
• Fear Index drops to 17: Extreme Fear persists for the third week

Bitcoin again lost support this morning, plunging to a low of $61,938, currently at $62,883, with a 24-hour decline of 2.09%. On June 16, 14 days ago, it reached a peak of $67,203; now it has fallen over 6.4% from the high, with buying momentum clearly exhausted. Ethereum also suffered, with a low of $1,635, now at $1,667 (-3.77%), with nearly a hundred-dollar range in 24 hours, indicating a clear bearish dominance.

Liquidations of $558 million, largest single liquidation of $14.14 million: Both longs and shorts hurt

Over the past 24 hours, total market liquidations surged to $558.7 million, a jump of 51.80% from the previous day, with longs accounting for 49.44% and shorts 50.56%, nearly evenly split, meaning this rapid decline not only liquidated leveraged longs but also caught short positions in a squeeze. In just the last 12 hours, liquidations reached $92.83 million, primarily affecting longs.

The largest single liquidation involved an ETH-USD position on Hyperliquid, with a liquidation of $14.14 million, representing a typical large trader’s stop-loss case in this market move.

Triple pressure: Stock sell-off, hawkish Fed, ETF net outflows

This decline was not triggered by a single event but by multiple negative signals crossing at the same time:

1. Stock market tech and semiconductor stocks collapse. On June 23, US Eastern Time, Nasdaq fell 2.21%, S&P 500 declined 1.44%, with global risk asset outflows, Bitcoin being sold off along with tech stocks, highlighting their high correlation again.

2. Hawkish stance from the Fed Chair. New Chair Kevin Warsh explicitly refused to promise rate cuts during his FOMC debut on June 18, signaling hawkishness. Market expectations for liquidity easing continue to fall short, dragging risk asset valuations lower.

3. Continuous net outflows from spot ETFs, weak institutional demand. Bitcoin spot ETFs have seen ongoing net outflows recently, with reports that MicroStrategy (Strategy) sold Bitcoin for the first time in four years, indicating institutional buying support for the bull market is weakening.

Altcoins weaken simultaneously: SOL drops below 70, XRP holds at 1.1

Mainstream altcoins also felt the pressure. Solana (SOL) is now at $69.75, breaking below the $70 mark, with a 3.02% drop in 24 hours, hitting a low of $68.16 intraday. XRP is relatively resilient, currently at $1.1083, down 2.11%, with an intraday low of $1.0920, temporarily holding above the 1.1 dollar level.

Fear Index drops to 17: Extreme Fear persists for the third week

Today’s Crypto Fear & Greed Index drops to 17 (Extreme Fear), from 23 yesterday and 22 last week, indicating market sentiment has been in extreme fear for three consecutive weeks, with no clear signs of short-term recovery.

From a macro perspective, the stock sell-off reflects increased global risk aversion. Under the Fed’s clear stance against rate cuts, high-risk assets find little buying support. Technically, Bitcoin’s 14-day low is $60,996 on June 10; if this decline continues, this support zone will become the next key market focus.