#BTC下探60000美元关键关口 Bitcoin Plunges Off a Cliff, Nearly $1 Billion Liquidated in 24 Hours, Institutional Funds Quietly Shift

The cryptocurrency market faced a brutal late-night liquidation. In the early hours of June 25, Bitcoin's price suddenly plummeted, instantly breaking through the $60k integer mark during trading, hitting its lowest level since October 2024. From its historical peak, Bitcoin's cumulative decline has now expanded to about 50%.
The severity of this sell-off is fully reflected in the liquidation data. According to CoinGlass, over 170k investors across the network were forcibly liquidated in the past 24 hours, with total liquidations amounting to $974 million. More notably, long position liquidations reached a staggering $788 million, as leveraged positions betting on price increases were brutally wiped out.
Retail Buying Disappears, Institutions Also Retreat
This decline is not a simple replay of past scripts. Deutsche Bank research analyst Marion Laboure pointed out a key change that could alter the market structure: the retail buyers who previously supported multiple crash rebounds are now nowhere to be found. In the past, retail investors would step in after sharp drops, but in this cycle, that force has largely dried up. The market participants replacing them are ETF allocation funds and corporate treasurers—who increasingly weigh Bitcoin against AI investments on the same scale.
And when these institutional investors start to withdraw or reallocate assets, the resulting stampede effect is far more mechanical and rapid than in the retail-dominated era.
Laboure's evidence is direct: Bitcoin-tracking ETFs have cumulative outflows exceeding $6 billion, currently on their longest consecutive net outflow streak since 2024. Meanwhile, Micro Strategy, the largest corporate holder of Bitcoin, has also released a thought-provoking signal. The company, once known for continuously issuing debt to buy Bitcoin, announced it would suspend the issuance of preferred stock and completed its first Bitcoin sale since 2022, aiming to raise funds to pay preferred stock dividends. From a hoarding pioneer that only bought in, to being forced to reduce holdings for cash, this move itself reflects deep changes in the market ecosystem.
Dollar Index Remains High, Bitcoin Seesaw Effect Emerges
Another force crushing Bitcoin comes from the impact of a strong dollar. On June 24, the U.S. Dollar Index climbed to a one-year high, while the 10-year Treasury yield simultaneously declined rapidly.
In the macroeconomic framework of cryptocurrencies, Bitcoin and the Dollar Index have long maintained a significant negative correlation coefficient of -0.4 to -0.8, with a typical "seesaw effect" between them. When the dollar strengthens as the world's core pricing asset, funds naturally tend to flow back into the traditional financial system, and high-risk assets represented by Bitcoin are the first to face liquidity drainage. Behind the dollar's strong performance lies policy-level narrative support.
U.S. Treasury Secretary Bessent revealed in a public statement on CNBC that the U.S.-Iran negotiations have included Iran's oil and gas exports priced in dollars on the agenda, Venezuela is returning to the dollar system, and Russia is also expected to return to dollar settlement after the end of the Russia-Ukraine conflict. He characterized these developments as part of a broader reshaping of the dollar's global dominance and predicted that U.S. GDP growth will return to 3% within the year.
This policy endorsement of a strong dollar puts pressure on gold and also makes Bitcoin a prime target for selling.
On June 25 during the day, as the Dollar Index slightly fell back, Bitcoin prices barely returned above $60k. But the signal of capital flows is already clear: when new narratives like AI siphon massive capital, when corporate Bitcoin hoarding strategies begin to loosen, and when the strong dollar once again takes center stage, the once-wildest asset class, cryptocurrency, is undergoing an even colder reality check.$BTC