Bitcoin falls to lowest level since February selloff intensifies
Bitcoin dropped to its weakest level since February on Wednesday as heavy selling from long-term holders and sustained outflows from spot exchange-traded funds extended a sharp market downturn. The cryptocurrency touched 61,300 dollars before stabilising near 63,000 dollars later in the session. The move leaves Bitcoin more than 25 percent below its early June peak and over 30 percent lower year to date, marking one of its steepest annual declines among major risk assets in recent cycles.
The selloff has been driven in part by long-term investors who had previously held through months of price weakness. On-chain data indicates that holders with coins inactive for at least 155 days sold around 2.4 billion dollars worth of Bitcoin in early June. A significant share of these sales came from investors who entered the market above 90,000 dollars and had resisted earlier drawdowns following the record high of 126,198 dollars reached in October 2025.
Institutional flows have added further pressure. Spot Bitcoin ETFs recorded their 12th consecutive day of net outflows, bringing total withdrawals to 3.58 billion dollars since mid-May. Large products saw notable redemptions, including a single-day outflow of roughly 528 million dollars from a major fund on 27 May. Overall ETF withdrawals have accelerated in June, with billions exiting the sector as risk appetite deteriorates across digital asset markets.
Market stress has also intensified through derivatives activity. Liquidations reached 768 million dollars in a 24-hour period, with long positions accounting for the vast majority of forced closures. Separate estimates placed total liquidations as high as 1.86 billion dollars during the downturn. Volatility expectations surged, with the Bitcoin volatility index climbing to 57.4, its highest level in months, as traders increased hedging activity against further downside moves.
Attention has shifted toward upcoming monetary policy signals in the United States, where the Federal Reserve is scheduled to meet on 16 and 17 June. Investors are watching for guidance on the timing of potential rate cuts, as any delay could further pressure already fragile risk markets, including cryptocurrencies.
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