Overview
- Bitcoin slipped under its widely watched 200‑week moving average on June 28 and now trades around $59,000–$61,000, the weakest range the asset has seen in roughly two years.
- U.S. spot Bitcoin ETFs have recorded sustained net outflows worth billions over recent sessions, and those redemptions force issuers to sell underlying BTC, adding direct supply pressure to the market.
- On‑chain data show a large spike of deposits into Binance and OKX deposit addresses reported at roughly 550,000 BTC staged near $60,000, which signals intent to sell even though it does not prove those coins were executed into trades.
- Reports also show selective whale activity, including a newly created wallet withdrawing about 1,350 BTC, and CryptoQuant metrics indicate prolonged negative apparent demand, a sign of broad distribution rather than fresh buying.
- Macro headwinds and concerns about Strategy’s leveraged Bitcoin funding increase liquidation risk, and the market now faces a test for whether demand returns or redemptions and staged supply force further downside into Q3.