NEW YORK / Cryptowire / – Bitcoin traded near $61,486 on Thursday, June 25, slipping below the $62,500 level that had framed the latest bout of pressure across the crypto market. The largest cryptocurrency fell 2.1% on the day, with an intraday low near $59,102 and a high near $62,955. Ether traded near $1,643, down 1.7%, after moving between about $1,557 and $1,680.
The move kept bitcoin close to the $60,000 area after a sharp decline from earlier June levels. The token had traded near $62,600 a day earlier, extending losses as major digital assets weakened. The wider crypto market also reflected the pressure, with several large tokens falling more than bitcoin over the same period.
Trading data showed sellers retained control during the latest session. Spot demand stayed weak, while short-term price action remained heavy across bitcoin and ether. Funding rates were negative in parts of the derivatives market, and cumulative volume data showed more selling than buying during the decline.
ETF outflows deepen pressure
U.S. spot bitcoin exchange-traded funds recorded net outflows of $239.3 million on June 24. The largest withdrawals came from leading products, while only one major listed fund showed a daily inflow. The outflows added to a difficult month for bitcoin-linked investment products after a run of redemptions in June.
Bitcoin also lost the support of broader risk appetite as technology shares and AI-linked stocks weakened. The stronger dollar and the Federal Reserve’s hawkish policy tone added pressure on non-yielding assets. These factors coincided with softer liquidity across crypto markets and reduced buying momentum in spot trading.
Options market favors downside protection
Options activity also showed heavier demand for downside protection. Deribit data showed a wider put-call skew, meaning traders paid more for protection against price declines than for upside exposure. Ether open interest rose as its price fell, a pattern that matched stronger positioning against further losses during the selloff.
Bitcoin’s brief move below $60,000 marked one of its weakest levels since late 2024. The recovery above that line did not erase the broader decline from June highs. Market data showed bitcoin still trading below the $62,500 area that had acted as a near-term reference point, while ether remained near the mid-$1,600 range.