$BTC 6.25 Crypto Full Report | MSTR Six Consecutive Losses Continue to Drag, BTC Breaks Below $60k, Bearish Daily Pattern Established

BTC is currently at $60,900, down 4.31% in 24 hours, hitting a low of $59,023 during the session, a new low since October last year, losing the key support of $60k; ETH also plummeted 4.17% to $1,590, mainstream and altcoins all fell without resistance, funds fled collectively.
In the past 24 hours, nearly $800 million in long positions were liquidated across the entire network, with 180k traders being liquidated passively. The market fear and greed index fell to extreme fear range, with selling pressure concentrated as volume surged.
Key Highlights
MSTR Six Consecutive Losses Deep Correction, Negative Correlation Continues to Drag BTC
MSTR fell for the sixth consecutive trading day, with its stock price hitting a new low since February 2024. Its STRC preferred stock fell to a historic low of $79.85. The market is fully re-pricing the company's "issue shares to buy BTC" model, with concerns over high preferred stock interest payments and tight cash flow. Previously, the company broke its long-term holding record by selling BTC to pay dividends, raising concerns about future forced selling. The scale of this round's fundraising for BTC purchases has shrunk significantly, and the market's largest incremental buyer has collapsed, forming a strong negative feedback loop of MSTR falling → BTC under pressure. A large amount of retail funds have exited the crypto market and shifted to AI US stocks, with on-market liquidity continuing to shrink.
$60k BTC Options Expire Tomorrow, Bearish Position Structure Dominates
On June 26, $10.16 billion worth of BTC options will expire, one of the largest option events of the year. 78% of call options are deeply trapped above $72,000, while the put position structure is solid. Before expiration, long positions face continuous stop-loss pressure on the market. After losing the $60k mark, market maker hedging funds turned into selling pressure, making a strong rebound unlikely in the short term.
Fed Hawkish Logic Continues to Price In, High Interest Rates Suppress Risk Assets
The market continues to price in multiple rate hikes this year, with the US dollar and US Treasury yields remaining high. Non-interest-bearing crypto assets continue to face valuation pressure. BTC spot ETFs have seen large net outflows for several consecutive weeks, with institutions reducing positions to hedge. Last night, global asset classes plunged simultaneously, with gold falling below $4,000 and oil dropping sharply, reflecting a broad weakening of risk appetite.
Industry and Regulatory Developments
All major US banks passed stress tests, with funds flowing back to traditional stock markets, diverting crypto funds. The EU MiCA compliance deadline in July is approaching, and many small and medium exchanges will exit the EU market. Domestic authorities continue to crack down on crypto money laundering and telecom fraud, fully blocking payment channels. Institutional research reports predict BTC support at $55,000, with a potential cycle low in August-October.
Market Operation Thoughts
MSTR's continued plunge is dragging BTC down, with a bearish daily trend established. The previous box bottom support has been effectively broken, so abandon any bottom-fishing strategy. In the rebound resistance zone, focus on shorting from highs, strictly with light positions and stop-losses. Wait for a volume-supported stand above $62,600 resistance before considering long positions. Volatility will increase before option expiration, so strictly control contract leverage.
Risk Warning
Large option expiration + macro rate hike double disturbance, the market will be extremely volatile, and high leverage can easily lead to large losses. This article is only for information compilation and does not constitute any investment advice.