NEW YORK, June 25, 2026, 17:15 EDT
- Bitcoin changed hands at $59,498 after dropping to $58,189. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) ended down 1.1%, while Strategy Inc (NASDAQ:MSTR) lost 9.3%.
- U.S. spot bitcoin ETFs posted $469 million in net outflows on June 24. BlackRock’s IBIT and Fidelity’s FBTC together made up roughly 77% of those outflows.
- Deribit has a $10.2 billion options expiry set for Friday, well above spot. The “max pain” point is around $72,000.
Bitcoin (BTC) dropped to about $59,500 late Thursday in New York. But what stood out more to investors was the ETF tape. The most recent U.S. spot bitcoin ETF outflow was big, concentrated, and came mostly from funds that tend to track institutional demand.
Bitcoin was down 1.9% at $59,498, after hitting a low of $58,189. The iShares Bitcoin Trust ETF (NASDAQ:IBIT) slipped 1.1% to finish at $33.52. Shares of Strategy Inc (NASDAQ:MSTR), which holds the most bitcoin among listed firms, dropped 9.3% to $85.33. Coinbase Global Inc (NASDAQ:COIN) fell 5.1% to $142.52.
U.S. spot bitcoin ETFs saw $469 million in outflows on June 24, according to Farside Investors data. IBIT led the losses, dropping $239.3 million. Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) had $120.8 million out, while ARK 21Shares Bitcoin ETF (BATS:ARKB) lost $50.7 million. Grayscale Bitcoin Trust (NYSEARCA:GBTC) lost $54.3 million, offset a bit by a $23.6 million inflow to Grayscale Bitcoin Mini Trust (NYSEARCA:BTC). IBIT and FBTC accounted for roughly 77% of the total outflows for the day.
The marginal seller is turning up now via wrappers in brokerage and advisory accounts, which is important. Citi said this month that spot bitcoin ETF flows still account for around 45% of weekly BTC return swings and are the clearest signal of investor adoption—a measure that’s tougher to dismiss as bitcoin stays near the high-$50,000s.
The June 24 outflow accounted for 39% of the total $1.20 billion yanked from spot bitcoin ETFs from June 8 to June 24, based on Farside’s daily table. Nearly two-fifths of the pullback in that period came from a single late-month redemption.
Bitcoin losses climb but no mass selloff yet. Glassnode figures shared by CoinDesk show 10.83 million BTC sitting at a loss after bitcoin dipped below $59,100 on Wednesday, a record high for coins in the red. Long-term holders still have about 14.8 million BTC, also a high, with around 37% of those coins underwater.
Bulls aren’t getting much from the options market. CoinDesk said $10.2 billion in bitcoin options come off Deribit on Friday, with “max pain” around $72,000, a level still above spot. “Recent option expiries haven’t really mechanically pinned down prices,” Jasper De Maere, OTC trader at Wintermute, told CoinDesk by email. CoinDesk
Bitcoin short bets could still be crowded. CoinDesk, pulling from CoinGlass, reported 6,900 BTC worth about $409 million in buy orders stacked from current prices down to $50,000, while only 1,570 BTC—or about $93 million—in sell orders sit between here and $70,000.
Strategy is still the pressure point for the stock. A June 22 SEC filing said the company sold 2,714,839 common shares, raising $335.5 million in net proceeds. The company picked up 520 BTC for $34.9 million and held 847,363 BTC at an average price of $75,651. It also listed a $1.4 billion U.S. dollar reserve.
Two Prime CEO Alexander Blume told CoinDesk that Strategy’s main challenge is trust, not short-term solvency. “Markets are about trust,” Blume said. He said Strategy’s shifting plans have hurt retail confidence in MSTR and its preferred shares. CoinDesk
Hyperion Decimus co-founder and portfolio manager Chris Sullivan sees the on-chain data differently. “We have literally like every box checked, except for a final pattern,” he told CoinDesk. Sullivan said bitcoin could need to get back to $82,000 or drop once more, maybe somewhere between $54,000 and $57,000. CoinDesk
