Bitcoin halved from its October high, the crypto main line enters a "deleveraging" moment

Bitcoin's decline this round has been quite severe. After reaching an all-time high of $126k in October last year, it has been retreating, and by June of this year it had already fallen below the $60k mark, a drop of over 50% from the October high, officially declaring a "halving." ETH weakened in parallel, briefly sliding to around $1,555, while mainstream altcoins like SOL and XRP also followed suit. In the past 24 hours,全网 liquidations reached $1.7 billion, causing heavy losses for long positions. This sell-off is not driven by a single event but by three layers of pressure stacking up: first, the Fed remains hawkish, with expectations of further rate hikes this year, putting overall risk assets under pressure; second, U.S. spot Bitcoin ETFs experienced the longest consecutive net outflows on record, with institutional buying drying up and the Coinbase premium remaining persistently negative.