NEW YORK, June 24, 2026, 11:18 EDT
Bitcoin slid 2.3% to $60,843 on Wednesday, ending close to session lows—just $45 up from its intraday bottom. Ether dropped 1.0% to $1,637.96 and Solana slipped 0.5% to $68.37. Bitcoin underperformed both tokens.
The dollar hit a one-year high and the 10-year Treasury yield stayed at 4.48%, keeping up pressure on assets that do not provide a cash yield. But U.S. stock futures added between 0.2% and 0.4%. “When markets move so rapidly, in either direction, it’s a sign of instability,” said Michael McCarthy, market analyst at Moomoo Securities Australia. Reuters
Flow data looked less bearish. U.S. spot bitcoin ETFs had $182.1 million in net outflows Monday and Tuesday. BlackRock’s IBIT saw $354 million leave. The rest of the funds together brought in $171.9 million. Fidelity’s FBTC took in $80.4 million and ARK 21Shares’ ARKB got $95 million.
The two-day net result points to heavy selling, not a broad exit from the sector. IBIT held $47.42 billion in net assets as of Tuesday, with $354 million pulled, or roughly 0.75% of the fund. Flow numbers reflect funds, not actual holders, so it’s unclear if the outflows were one big investor or a group.
Options action gave another look at the market. Bitcoin’s 30-day implied volatility is down, dropping to 43% from almost 48% on Tuesday. But the one-week skew jumped, with puts now 10.9 volatility points more expensive than calls, up from about 7. Traders were bracing for a smaller move but paying up to hedge the downside.
Bitcoin has a $10.5 billion options expiry on Friday. Jean-David Péquignot, chief commercial officer at Deribit, said volatility is priced lower than usual. Péquignot said calls are trading much cheaper than puts, making bullish call spreads look attractive.
Bitcoin hovered around $60,000 as ETF demand stayed positive except for IBIT. Traders paid more for downside protection on short-dated options. Now, market focus is on whether IBIT redemptions continue after Friday’s expiry or if the flows just reflect a shift between products.
The ETF picture can flip quickly. If buyers keep pulling back from rival products and IBIT keeps seeing outflows, total spot ETF demand would stay negative. That could send bitcoin below $60,000 and trigger more hedging. Markus Thielen at 10x Research thinks bitcoin could touch $55,000 before bottoming. “The implication is patience now, attention in late August,” he wrote. CoinDesk
