$BTC 6.26 Crypto Full Edition Express | MSTR Plunges Alongside $10B BTC Options Expiry, BTC Breaks Support and Hovers at Low Levels, Bears Dominate the Market

BTC currently at $59,930, down 2.86% in 24 hours, hitting a low of $59,099—a new low since October 2024, completely losing the $60K support; ETH drops 4.99% in sync to $1,560, with SOL, XRP, and DOGE all seeing deep pullbacks, only a few small-cap AI coins bucking the trend with slight gains.
In the past 24 hours, 203k traders were liquidated across the entire network, with total liquidation volume reaching $60k. Long liquidations accounted for $203k, nearly 80% of the total, concentrated stampede of high-leverage longs. Market Fear & Greed Index falls to extreme fear territory, with on-chain liquidity continuing to shrink.
Key Major News
MSTR Plunge + Class-Action Lawsuit Double Whammy, Strong Negative Correlation Suppressing BTC
MSTR closed at $85.33 yesterday, plunging 9.35% in a single day, with the stock price down over 81% from its peak. Its STRC preferred stock fell to a historic low of $73. A U.S. law firm has launched a class-action investigation, questioning the company’s high-leverage BTC accumulation model. The company holds 847k BTC at an average cost of $74,400, with tens of billions in paper losses combined with an annual $1.7 billion preferred stock dividend payment pressure. After breaking its "never sell" promise by cashing out BTC to pay dividends, the market continues to price in the risk of forced selling. MSTR’s weakness continues to drag on BTC's rebound potential.
Today's $10B BTC Options Expiry, Majority of Longs Wiped Out
At 16:00 today, Deribit will see $10.6 billion in BTC options expire, with $8.6 billion in call options all deeply out of the money, concentrated at strike prices above $67,000-$72,000. Market maker hedging sell pressure continues to be released. If the close fails to reclaim $60K, a large number of call contracts will expire worthless, making a meaningful short-term recovery unlikely.
PCE Inflation Exceeds Expectations, Fed Rate Hike Expectations Heat Up, Draining Risk Assets
May's PCE price index at 4.1% hit a three-year high, with the market pricing in a higher probability of a September rate hike. U.S. bond yields and the dollar both rose. Non-interest-bearing crypto assets continue to face valuation pressure, with BTC spot ETFs seeing net outflows for 13 consecutive days. Institutional capital is steadily exiting the crypto track, and the stock game pattern is entrenched, with no new incremental capital entering.
U.S. Tech Stocks Correct Collectively, Risk Appetite Cools Across the Board
Apple fell over 6% in a single day, evaporating $1.8 trillion in market cap overnight. The Nasdaq also weakened. Coinbase crypto-related stocks dropped 5%. Global capital is simultaneously avoiding high-volatility risk assets, with gold slightly strengthening, diverting safe-haven flows, according to Sina Finance.
Regulatory and Industry Updates
EU's MiCA compliance deadline in July looms, with many unlicensed exchanges set to exit the EU. China continues its high-pressure crackdown on crypto money laundering and telecom fraud, fully blocking payment channels. The U.S. "Clarity Act" vote has been postponed, with no short-term regulatory positive catalysts.
Market Operation Strategy
MSTR's plunge has dragged BTC down technically, with the daily chart breaking support and turning bearish. Abandon bottom-fishing. On rebounds, maintain a short-biased approach in the $59,900-$60,800 range, use light positions and strict leverage control. With today's options expiry amplifying volatility, wait for a clear volume breakout above $61,200 resistance before considering short-term long opportunities.
Risk Warning
Large options expiry combined with macro rate hike uncertainties will cause sharp market swings. High leverage can easily lead to significant losses. This article is for informational purposes only and does not constitute any investment advice.