Bitcoin falls under 60K as the tech selloff bleeds into a second day
Bitcoin has broken below $60,000, down close to 10% on the week, as a second day of heavy selling in tech and semiconductor stocks drags risk assets lower ahead of a record $10.6 billion options expiry.
$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.
A Record Options Expiry Adds to the Pressure
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.
Institutional Flows Signal Caution
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 deepens
Bitfinex Alpha: Options expiries and potential Bitcoin volatility
CoinDesk: Bitcoin options traders brace for pivotal $10.6 billion June expiry
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Crypto RichRich has been researching cryptocurrency and blockchain technology for eight years and has served as a senior analyst at BSCN since its founding in 2020. He focuses on fundamental analysis of early-stage crypto projects and tokens and has published in-depth research reports on over 200 emerging protocols. Rich also writes about broader technology and scientific trends and maintains active involvement in the crypto community through X/Twitter Spaces, and leading industry events.