Analysis: Bitcoin drops to $62,000, chip stock sell-off continues

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Deep Tide TechFlow News: On June 24, according to CoinDesk, Bitcoin fell back to $62,000 during the Asian trading session. It dropped by approximately 1.1% over the past 24 hours, with a cumulative weekly decline of 3.5%. The sell-off in chip stocks entered its second day: the Korea Kospi index plunged by more than 6%, and the rotation out of technology stocks dragged down global risk assets, putting synchronized pressure on the crypto market.

CoinGlass data shows that over $1.5 billion worth of crypto leveraged positions were forcibly liquidated in the past 24 hours, including $800 million in Bitcoin and $386 million in Ethereum. US spot Bitcoin ETF saw net outflows of about $1 billion this week. Weak institutional demand has continued to pressure the market. Analysts noted that if Bitcoin breaks below the $59,000 to $60,000 support range, selling could enter a new phase.

BTC0.55%
ETH1.30%
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