Crypto Market Do-or-Die! BTC drops to $588,000, ETH falls below $1565, and $887 million worth of liquidations were wiped out in the past 24h

Crypto market took a broad downturn in early trading on June 26. BTC has been sliding from its June 16 high of $67,203, hitting a low of $58,188 last night (6/25 22:00), and stabilizing to $59,590 this morning, with a 24-hour decline of -1.95%; ETH dropped sharply by -3.24% to $1,564, while XRP fell significantly by -3.60%. The total liquidation across the network in 24 hours reached $887 million, with long positions accounting for as much as 83%. The Fear and Greed Index has remained at 13 (Extreme Fear) for consecutive days.
(Previous Summary: Bitcoin plunges near $58k, Ethereum dips to $1,500! Total liquidation of $1.42 billion across the network, "215k people liquidated")
(Background Supplement: Bitcoin "breaks below $62k" bloodbath for Ethereum longs! $714 million liquidated, 144k people forced out, Fear Index drops to 23)

Table of Contents

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• 24-hour liquidation of $887 million, longs massacred accounting for 83%
• Four Trigger Factors: ETF Outflows, MSTR Concerns, Warsh's Hawkish Stance, Tech Stock Sell-off
• SOL Slightly Up, XRP Heavy Drop, Mixed Performance for Other Coins
• Fear Index at 13 for Consecutive Days, Outlook: Can Key Support Hold?

Bitcoin (BTC) has been trending down from its June 16 peak of $67,203, hitting a recent low of $58,188 last night (6/25 22:00), and slightly recovering to $59,590 in early trading today (26) at 09:15, with a 24-hour decline of -1.95%, and an intraday range compressed between $58,115 and $61,962. Ethereum (ETH) has weakened in tandem, currently at $1,564, with a 24-hour decline of -3.24%, down over 15% from its June 16 high of $1,843; its 24-hour range is $1,532 to $1,660, with no sign of stabilizing yet.

24-hour liquidation of $887 million, longs massacred accounting for 83%

Behind the decline is a systematic liquidation of leveraged positions. In the past 24 hours, the total liquidation across the network reached $886.96M (approximately $887 million), of which the last 12 hours alone contributed $790.77M; long liquidation was $659.22M, short liquidation $131.55M, with longs bearing approximately 83% of the liquidation impact, equivalent to a one-sided bloodbath. The largest single liquidation order reached $3.40M, with market chasing longs paying a heavy price in this battle.

Four Trigger Factors: ETF Outflows, MSTR Concerns, Warsh's Hawkish Stance, Tech Stock Sell-off

This downturn was not caused by a single event but by a confluence of multiple negative factors:

1. U.S. spot Bitcoin ETFs have seen cumulative net outflows exceeding $6.4 billion over the past 30 days, the largest single-month capital flight in history, with institutions clearly de-risking, causing buying support to shrink rapidly.

2. Strategy (MSTR) holds nearly 850k BTC, sparking market concerns that financial pressure may trigger passive selling, with potential selling pressure adding to market psychological burden.

3. New Federal Reserve Chair Kevin Warsh recently released a hawkish stance, leading the market to lower rate cut expectations. The 10-year U.S. Treasury yield remains stuck near 4.45%, raising the opportunity cost of holding zero-yield assets (such as Bitcoin), thus weakening the relative appeal of crypto assets.

4. A broad sell-off in tech and semiconductor stocks, with Apple and Microsoft announcing hardware price increases due to rising memory costs. The Magnificent 7 continues to weaken, with the U.S. Nasdaq closing down -0.46% on 6/25, as risk aversion spreads to the crypto market, leading to indiscriminate clearance of risk assets.

SOL Slightly Up, XRP Heavy Drop, Mixed Performance for Other Coins

Solana (SOL) is one of the few mainstream coins holding up against the trend this morning, currently at $67.6, with a slight 24-hour increase of +0.12%, almost flat, with a 24-hour range of $64.0 to $69.66, showing relative resilience. XRP, on the other hand, is moving downward in line with the broader market, currently at $1.04, with a 24-hour decline of -3.60%, a 24-hour range of $1.01 to $1.09, ranking among the worst performers in mainstream coins.

Fear Index at 13 for Consecutive Days, Outlook: Can Key Support Hold?

The Fear and Greed Index today reads 13 (Extreme Fear) , compared to 12 yesterday and 14 last week, with sentiment deeply mired in freezing territory for consecutive days, indicating market confidence has yet to stop bleeding. In the U.S. stock market, the S&P 500 closed nearly flat in the previous trading session (6/25) at 7,357.49 (-0.01%), with tech stocks in a weak pattern unlikely to change in the short term.

From a technical perspective, BTC's low last night of $58,188 becomes a key support reference level. If it cannot stabilize above $59,000, the market may retest the previous low again. When ETF outflows will stop and whether Warsh's hawkish stance will soften will be the core variables determining whether the market can catch a breather.