
Bitcoin Jumps 4% in the Selloff's First Real Bounce
Bitcoin rose 4% to $61,200 and the CoinDesk 20 gained 4.77%, with open interest and funding rates turning in a way June's brief rallies never did.
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Bitcoin rose 4% to $61,200 and the CoinDesk 20 gained 4.77%, with open interest and funding rates turning in a way June's brief rallies never did.

Bitcoin bottomed at $57,735 on the first day of July, then a spot buying surge carried it back above $60,000, closing a first half down about 30%.

Strategy's board authorized the sale of up to $1.25 billion of bitcoin, two days after its mNAV fell below 1.0 and shut off the equity-issuance model behind four years of buying. It holds more than 843,000 BTC against preferred dividends above $700 million a year.

Bitcoin traded down to about $58,000 on Thursday, its lowest level since September 2024, before recovering to roughly $59,460. US spot bitcoin ETFs shed $696.3 million, the month's largest single-day outflow, with about $10 billion of options due to expire the next day.

US spot bitcoin ETFs shed $469.1 million on Wednesday after $113.8 million on Tuesday, ending a brief lull, as bitcoin fell to a two-week low and the dollar hit a seven-month high.

The Fed held its benchmark rate at 3.50%-3.75% in Kevin Warsh's first meeting as chair, but nine of eighteen officials now project at least one hike by year-end, against none in March. Bitcoin fell to $64,800 before steadying near $65,300.

Bitcoin's mining difficulty fell 9.91% at the 13 June retarget, from 138.96 trillion to 125.19 trillion, one of the largest downward moves on record. Hashrate had slid to roughly 967 EH/s as unprofitable rigs powered down with bitcoin near $64,007.

US consumer prices rose 0.5% in May and 4.2% on the year, matching forecasts, while core inflation came in a tenth below expectations. Bitcoin held just above $61,000; rate markets moved more than crypto did.

Ether traded about 70% below its August 2025 record of $4,953.73 on Monday, roughly 20 points worse than bitcoin, as more than $1 billion of positions were liquidated.

Bitcoin traded as low as $59,743 on Friday, its first move under $60,000 this cycle, after a five-session fall of about $14,000. A $1.57 billion liquidation wave marked the fourth billion-dollar day in five sessions, and total crypto market value dropped to $2.23 trillion.

About $3 billion of leveraged positions was liquidated over two days as bitcoin fell 4.90% to $63,682.64. Open interest dropped 8.5% to $111.4 billion, and Solana hit its lowest price since December 2023 with 94% of its liquidations long.

US spot crypto ETFs recorded a 13th consecutive session of net outflows on Wednesday, taking the total to $4.37 billion since mid-May. Bitcoin fund assets have fallen from $104.29 billion to $82.83 billion, and the ETF share of bitcoin's market capitalization has slipped to 6.36%.