BTC hits 20?month low as $1B liquidated

TLDR

Bitcoin has fallen below 60,000 dollars to its lowest level in about 20 months, triggering around 1 billion dollars in forced liquidations across crypto derivatives.

1. Bitcoin (BTC) briefly traded in the high 58,000 to low 59,000 dollar area, the lowest since late 2024, with total crypto liquidations around 1 to 1.5 billion dollars.
2. The drop was driven by risk?off macro sentiment, heavy ETF outflows, pressure on Bitcoin?heavy stocks, and an overleveraged derivatives market that flushed mostly long positions.
3. The 59,000 to 60,000 dollar zone now acts as a key battleground, with both deeper downside and a short squeeze higher possible depending on ETF flows, macro data, and leverage rebuilding.

Deep Dive

1. Scale Of The Drop And Liquidations

Multiple reports say Bitcoin fell below 60,000 dollars on 25 June 2026, hitting around 58,000 to 59,000 dollars and marking a 20?month low since October 2024 and more than a 50 percent drawdown from its October 2025 high above 126,000 dollars, according to one market recap.

Data from derivatives trackers cited by outlets such as Bitcoin.com and Yahoo indicate that roughly 1.0 to 1.4 billion dollars of crypto positions were liquidated in 24 hours, with around 780 million dollars of that in long bets and the rest in shorts, as summarized in this liquidation report.

CoinsKid aggregate data shows total crypto market cap around 2.06 trillion dollars, down about 1.9 percent over 24 hours, while the Fear and Greed Index sits deep in "Extreme Fear," and Bitcoin dominance hovers near 58 percent, underscoring that this move is market?wide, not just a BTC micro event.

2. Drivers: Macro, ETFs, And Leverage

Several overlapping drivers line up. One recap notes that nearly 1 billion dollars in liquidations coincided with about 469 million dollars of net outflows from spot Bitcoin ETFs, led by roughly 239 million dollars exiting BlackRocks IBIT fund, as highlighted in a broader crypto news piece.

Macro risk sentiment is fragile. Equities in tech and semiconductors sold off, with one analysis tying a sharp drop in South Koreas Kospi and weakness in US AI and chip stocks to Bitcoins slide, framing BTC as a high beta risk asset rather than a purely crypto?native story.

On chain of leverage, Coinglass and similar datasets, echoed in multiple articles, show that most liquidations were long positions, but shorts are now crowded too, and CoinsKid derivatives metrics show open interest only modestly lower, implying a lot of leverage remains in the system.

3. Key Levels And Scenarios To Watch

Several analysts now flag 59,000 to 60,000 dollars as a critical support zone. One piece calls this range a "genuine battleground" between weak and strong hands and notes significant BTC inflows to exchanges around that level, suggesting panic selling by some holders.

Forward views diverge. Some cycle analysts see this as part of a normal four?year "cleansing" phase and warn of a possible later bottom in the low 40,000s, while others highlight overcrowded shorts and estimate that a rally toward roughly 69,500 dollars could trigger a multi?billion?dollar short squeeze, as outlined in the short?squeeze scenario.

Evidence from CoinsKid shows total derivatives open interest down about 20 percent over 30 days but still large in absolute terms, meaning new waves of forced buying or selling are still possible if price moves sharply away from current levels.

Conclusion

Bitcoins slide to a 20?month low is best seen as a high?beta response to broader risk?off conditions, amplified by ETF outflows and a still?leveraged derivatives complex. The same leverage and positioning that produced nearly 1 billion dollars in liquidations now create both downside risk if support fails and upside risk via a potential short squeeze if macro or ETF flows stabilize. Watching ETF flows, major macro prints, and changes in open interest will be key to understanding which path the market takes next.