BTC $60,771 (-3.37%) | June 25, 2026

Bitcoin dropped from $62,916 to $60,771, a decline of $2,145 or approximately 3.4% in 24 hours, touching its lowest price in 21 months.Not noise. Rolling one-year ETP flows turned negative for the first time since 2023, and price broke to the floor of its 30-day range at the same moment the debasement macro thesis is being repriced by rate-hike expectations. Near-term risk is elevated on multiple concurrent vectors.

Bitcoin ETP holdings are down 8% from peak and rolling one-year net flows are now negative for the first time since 2023, according to K33, marking a structural shift in institutional demand rather than a transient outflow.
An estimated 20% of Bitcoin miners are now operating below production costs, with revenue falling below breakeven at current prices, raising the prospect of capitulatory miner selling or hashrate contraction.
The debasement trade is actively unwinding: gold, silver, and Bitcoin all fell together as markets price in Fed rate hikes under new chair Kevin Warsh, removing a core macro rationale for hard-asset exposure.
Strategy's cash reserve coverage has fallen from seven years to 14 months of dividend obligations, with CryptoQuant calling for a pause in Bitcoin purchases, which would remove a consistent marginal buyer from the market.
Long-term Bitcoin holder selling dropped to its lowest level in nearly two years during this drawdown, a historically constructive supply signal that has preceded trend reversals in prior cycles.

Market Snapshot

Market Cap

$1.22T

24h Volume

$43.18B

Dominance

55.9%

Macro Context

How Bitcoin fits into the macro picture

Bitcoin is down 32.4% year-to-date and 42.7% over the past year, dramatically underperforming the S&P 500 at plus 6% YTD and the NASDAQ-100 at plus 14.4% YTD. The debasement trade that anchored the 2024 to 2025 Bitcoin thesis is unwinding as markets price in Federal Reserve rate hikes under new chair Kevin Warsh, removing a core macro rationale for hard-asset exposure. Gold, which is also down 14.95% YTD, is falling alongside Bitcoin, suggesting the macro repricing is broad rather than crypto-specific. The dollar, as measured by DXY, is up 4.76% YTD, a persistent headwind for dollar-denominated hard assets.

Bitcoin's 90-day rolling correlation with the S&P 500 is 0.48 and with gold is 0.26, meaning Bitcoin is trading meaningfully with equities but not as a monetary hedge alongside gold today. This 0.48 equity correlation suggests Bitcoin is still being classified as a risk asset by the market, and the macro tape is transmitting directly into Bitcoin price.

BTC vs Everything

Asset	24h	YTD	BTC Edge
SPXS&P 500	-0.10%	+6.04%	-38.46%
QQQNASDAQ-100	-0.43%	+14.35%	-46.78%
XAUGold	+0.01%	-14.95%

Market Snapshot

Macro Context

BTC vs Everything

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