TechFlow news, June 30, according to the weekly market report released by BIT Official, heavy selling of semiconductor and AI stocks on June 23-24 triggered defensive adjustments by institutional capital. BTC fell below $60K on June 24, hitting a low of ~$59,000 (intraday drop of about 5%). Approximately $994 million in liquidations occurred during the same period (about $780 million were longs). Notional Put positions of about $1.2 billion at the $60K level forced market makers to short, exacerbating the decline. As of the weekend, BTC was quoted at ~$59,992, down 6.9% for the week; ETH was quoted at ~$1,578, down 9.3% for the week.
In terms of volatility, DVOL rose only slightly (BTC 44.1→45.7, ETH 57.3→59.5), front-end skew tended to stabilize, convexity returned to normal, institutional defensive hedging ratio decreased from 29.6% to 19.7%, shifting to two-way balance, overall showing characteristics of an "orderly decline" rather than panic selling.
Regarding ETFs, as of the week ending June 26, U.S. spot BTC ETFs saw net outflows of about $1.79 billion, the second-highest weekly outflow record in history, and have had net outflows for 7 consecutive weeks; IBIT net assets dropped to about $44.4 billion, with average holders having an unrealized loss of about 40%. MicroStrategy purchased only 520 BTC this week (about $34.9 million), slowing down significantly compared to the previous two weeks. MSTR stock price has fallen below its BTC book value, and the flywheel effect is under structural pressure.
BIT believes that $60K has evolved from a comfort support level to the only support level. The current risk level is upgraded by one notch. It is recommended to prioritize deploying a Collar strategy without margin calls, build positions gradually in tranches and set stop-losses. Position reduction operations should wait for the price to rebound to the $62-64K range. Short volatility strategies must reduce position size and expand the knock-in buffer zone.
