Bitcoin tumbled below the $60,000 mark on June 24, triggering a cascade of liquidations that erased over $700 million in long positions. The sharp sell-off intensified market fear and wiped out speculative bets that had attempted to buy the dip.
Liquidations Deepen Pressure Across Crypto Markets
The forced exit of leveraged traders weighed heavily on Bitcoin as it weakened below the psychologically important $60,000 level. Further declines appeared likely as selling pressure continued to ripple through the broader cryptocurrency market. According to AMBCrypto, Bitcoin open interest had already fallen from its 2025 highs, yet volatility remained elevated as traders scrambled to adjust to rapid price swings.
At the same time, sustained outflows from spot Bitcoin exchange-traded funds (ETFs) reflected weakening investor confidence. The Coinbase Premium Index turned negative for more than a month, signaling limited demand from U.S. investors. Consequently, spot buying provided little support as Bitcoin extended its slide.
Demand and Miner Flows Add to Supply Concerns
Crypto analyst Ali Martinez noted that Bitcoin’s apparent demand has remained negative for 208 consecutive days. This metric tracks whether spot demand can absorb newly mined supply and older coins moving onto exchanges. Analyst Axel Adler Jr. added that net realized profit and loss has stayed negative for five months when measured using a 90-day moving average.
Such prolonged realized losses mirror conditions seen during previous bear markets, particularly in mid-2022. Meanwhile, CryptoQuant analyst PelinayPA observed that the foundation for the latest losses began forming in February. Bitcoin’s Miner Position Index rose between March and June.
Although the index stood at minus 0.15—still negative—it indicated that miners were transferring relatively more Bitcoin toward cryptocurrency exchanges. Miner-to-exchange flows also increased during the same period. Together, these metrics suggest miners have been preparing more Bitcoin for potential selling.
Bitcoin’s realized price now sits at $53,888, representing the market’s average acquisition cost. This level is widely viewed as the next major support zone and a likely price target. The key question remains whether buyers can absorb the rising supply before Bitcoin retests its realized price.
Grantham Renews Long-Running Bitcoin Criticism
GMO co-founder Jeremy Grantham reiterated his criticism of Bitcoin during an appearance on CNBC’s Squawk Box on Friday. He described it as a speculative asset with no intrinsic value and predicted that Bitcoin would gradually lose relevance over several decades. Grantham questioned its practical purpose and performance during a broader bull market.
He argued that Bitcoin has failed to provide a stable store of value, citing its latest price decline despite strength in the wider economy. Grantham contrasted it with gold, which he said has still delivered solid gains even after retreating from its previous highs. He also noted that consumers rarely use Bitcoin for everyday purchases or major commercial transactions, and linked its use to illegal money transfers.
Bitcoin has declined by at least 70% from its peak during every previous market cycle. It currently trades about 52% below its October high and remains under $60,000.
Conclusion
Bitcoin’s fall below $60,000 sparked $700 million in long liquidations as weak spot demand, ETF outflows, and rising miner transfers intensified selling pressure. With the realized price near $53,888 emerging as key support, traders should closely monitor demand and exchange flows before making market decisions.