TL;DR:
The crypto market closes June in a delicate position. Bitcoin is trading below $60,000, hovering around $59,800 at the start of the week, posting a marginal decline of 0.6%.
The overall market structure and technical formations on charts remain tilted to the bearish side, with BTC accumulating a loss of more than 50% from its all-time high recorded last October. Ethereum, meanwhile, holds near $1,570, rounding out a picture that offers few signs of sustained recovery.
Over the past 24 hours, exchanges forcibly liquidated more than $200 million in futures positions, with longs absorbing the bulk of the impact. However, in the hours prior, Bitcoin’s bounce toward $60,000 caught some bearish traders off guard: of the nearly $20 million liquidated during that period, $13 million corresponded to short positions.
Open interest in BTC futures retreated to levels seen at the start of the month, erasing the modest increase recorded on Friday. Traders’ willingness to take on risk appears sharply reduced.
On Deribit, BTC and ETH options continue to show a put skew, meaning a bias toward downside protection. The $60,000 put on BTC has accumulated a notional open interest of nearly $1 billion, a figure approaching the $1.11 billion of the $80,000 call. If the price breaks below $60,000, the next options cluster sits at $50,000, with a notional open interest of $712 million.
CoinMarketCap’s “Altcoin Season” indicator stands at 49 out of 100, a level at which it has remained for much of June. Solana rose 13% since Thursday after touching its lowest level since late 2023. BNB fell 0.5% and hovers around $553. XRP sits at $1.05, with a slight gain of 0.4%. HYPE holds firm, trading at $63.5 with a 0.9% increase. The market awaits Bitcoin’s next directional move before taking more aggressive positions.
