Bitcoin tumbles 20% in June, slipping below $60,000

Bitcoin fell about 20% in June, closing the month under $60,000 – its worst monthly performance since June 2022. The decline was driven largely by macro‑risk‑off pressures as central banks tightened policy after an energy‑price shock, dragging down risk assets across the board. In the crypto sector, U.S. spot bitcoin ETFs recorded more than $2.5 billion of outflows, reflecting the unwinding of a popular arbitrage strategy that paired spot ETF purchases with short futures positions. CME short positions also shrank, cutting the number of contracts from roughly 100,000 at the October peak to about 63,000.

Technical analysis highlighted a rare “Marubozu” candlestick on the monthly chart – a solid red body with virtually no wicks – indicating uninterrupted bear dominance throughout June. Analysts warned that the bearish momentum could push Bitcoin further, forecasting a potential bottom in the $48,000‑$55,000 range. At the time of writing, Bitcoin was trading near $58,600.

The price slump also exposed stress in several bitcoin treasury vehicles, with 13 of 18 major holdings trading below the value of their underlying assets, leading some operators to sell bitcoin to fund operations.