$BTC has broken below $60,000, falling close to 10% on the week, as a second straight day of heavy selling in technology and semiconductor stocks continued to weigh on risk assets across the
$BTC has broken below $60,000, falling close to 10% on the week, as a second straight day of heavy selling in technology and semiconductor stocks continued to weigh on risk assets across the board.
The driver here is macro, not crypto-specific. Bitcoin slid amid a broad sell-off in technology and semiconductor stocks, extending its weekly losses and pressuring risk assets globally, with the Nasdaq 100 shedding 3.3% and the S&P 500 dropping 1.4% as chip names including Micron, Marvell, and On Semiconductor led the decline. Bitcoin is tracking the equity rout rather than breaking on its own fundamentals.
The timing sharpens the stakes. More than $10.6 billion in Bitcoin options are set to expire on June 26, making it the largest and most closely watched expiry on the calendar. The $60,000 level sits at the centre of that positioning. About 80% of that open interest is currently out of the money, leaving most bullish bets underwater and traders with little room to manoeuvre.
Analysts say Bitcoin is holding a fragile floor around $60,000, with most positions currently out-of-the-money and limited catalysts for a rebound. The structural risk is clear: a sustained move below the $60,000 put wall pushes deeper into negative gamma and risks a cascade toward $54,000 to $56,000.
Compounding the price pressure, U.S. spot Bitcoin ETFs logged a record 30-day net outflow of more than $6 billion, signaling sustained institutional de-risking. The Federal Reserve's hawkish stance and elevated inflation expectations have given institutional buyers little reason to step in.
The picture heading into Friday is one of a market pinned between a sinking tech trade and an absent institutional bid, with the $60,000 level carrying more weight than usual given the scale of derivatives positioned around it.
Sources:CoinDesk: Bitcoin drops toward $62,000 as chip selloff deepensBitfinex Alpha: Options expiries and potential Bitcoin volatilityCoinDesk: Bitcoin options traders brace for pivotal $10.6 billion June expiry
