BTC Breaks 59K Again, ETF Sees Seven Weeks of Net Outflows — June 29 Market Briefing

BTC weakened again today, breaking below $59k. As of the afternoon, BTC is trading around $59,260, down approximately 1.1% in 24 hours. ETH also moved downward, trading around $1,563. The Fear & Greed Index remains in the extreme fear zone.

Main bearish factors in the market:

Continued ETF capital outflows. Crypto ETFs have seen net outflows of over $2 billion for seven consecutive weeks. Last Friday alone, the BTC spot ETF saw net outflows of approximately $445 million, with a cumulative monthly net outflow of about $4.06 billion.

On the macro front, the Federal Reserve maintains a hawkish stance. Although the U.S. dollar index has pulled back from its highs, it has risen for two consecutive weeks. Non-yielding assets continue to face pressure. U.S. stocks closed slightly lower last week, with the Nasdaq falling 0.24%.

On-chain, Strategy's holdings show paper losses exceeding $13 billion, with the mNAV ratio falling below the 1.0 threshold. Galaxy Digital CEO pointed out that the decline in market confidence in Strategy is one of the key reasons for this round of decline.

Key levels:

The resistance above is the strong zone at $59,800–$60,000. The first support below is at $58,500–$59,000. If it breaks down with volume, the next support to watch is the swing low at $58,030.

Summary: Short-term bears dominate, with limited rebound strength. Watch whether support at $58,500–$59,000 can hold.