Bitcoin plummets below $58.2k, with $249 million liquidated in a single day—“the longs are being slaughtered”

On the morning of July 1, 2026, Bitcoin broke below the psychological barrier of $60k, now at $58,290, approaching the two-week low of $58,188; Ethereum simultaneously fell below the $1,600 mark to $1,568. Over the past 24 hours, total market liquidations amounted to approximately $249 million, primarily long positions being crushed. In June, U.S. Bitcoin spot ETFs saw a net outflow of $4.06 billion in a single month, the largest redemption since the product's launch, and the market continued the weak pattern from June.
(Previous report: Bitcoin breaks below $60k mark, Ethereum loses $1,600! Total network liquidations exceed $650 million, nearly 140k people liquidated)
(Background: CryptoQuant founder: Hard to say Bitcoin has bottomed; hitting the realized price is the key)

Table of Contents

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• 24-hour liquidations $249M, longs crushed
• Triggers: Record ETF outflows, historic June decline, macro pressure
• SOL, XRP also retreat
• Fear index drops to 11, U.S. stocks rise against the trend

Bitcoin plunged in the early morning, breaking through the psychological barrier of $60k, now at $58,290, just a step away from the 24-hour low of $58,201, and also approaching the two-week low of $58,188 (June 25). From this month's high of $65,994 (June 18), the drop has exceeded 11%. Ethereum also came under pressure, losing the $1,600 mark, now at $1,567.95, down 1.56% in 24 hours, and also down over 12% from the two-week high of $1,796 (June 17). Market sentiment continues the June downtrend, with overall weakness.

24-hour liquidations $249M, longs crushed

According to CoinGlass data, total market liquidations over the past 24 hours were approximately $249.46 million, predominantly long position liquidations. Breaking down the data from the last 12 hours, longs were liquidated for $65.03M, while shorts only $48.62M, with long traders suffering the most during the decline. The single largest liquidation was $4.17M.

Triggers: Record ETF outflows, historic June decline, macro pressure

There are multiple structural pressures behind this decline:

Record ETF monthly redemptions: In June, U.S. Bitcoin spot ETFs saw a net outflow of approximately $4.06 billion, the largest single-month redemption since the product's approval in January 2024, a clear signal of institutional capital retreat.

Historic June decline: BTC fell about 19% for the entire month of June, one of the worst-performing Junes in history. Notably, statistically, June tends to be bullish, making this reversal particularly unusual.

Unresolved macro pressure: The Federal Reserve's rate cut expectations continue to be delayed, geopolitical risks have not dissipated, overall confidence in risk assets is weak, and capital is shifting to a wait-and-see approach.

SOL, XRP also retreat

Major altcoins followed the market decline. Solana (SOL) is now at $73.07, down 1.59% in 24 hours, with a 24-hour range of $71.90 to $75.80. Yesterday (June 30), SOL just hit a near two-week peak of $75.87, but quickly retreated today, showing clear pressure at highs. XRP is now at $1.033, down 1.57% in 24 hours, with a 24-hour range of $1.0274 to $1.0529, holding the $1 level but with limited rebound momentum.

Fear index drops to 11, U.S. stocks rise against the trend

In terms of market sentiment, the Alternative.me Fear and Greed Index reads 11 (Extreme Fear) today, compared to 15 yesterday and 17 last week, remaining in the extreme fear zone, indicating that investor confidence has yet to recover.

Notably, there is a clear divergence between the crypto market and U.S. stocks. On June 30, U.S. stocks closed with the S&P 500 up 0.79% at 7,449.36 and the Nasdaq up 1.52% at 26,213.72; Q2 was the best single quarter for U.S. stocks since the 2020 pandemic. Traditional risk assets strengthened while crypto weakened contrarily, a divergence worth noting.

Looking ahead, the key technical observation is whether BTC can reclaim the $64,000 level. If it fails to recover that level in the short term, the market may struggle to reverse the weak pattern in July.