Bitcoin Hits 20-Month Low as Largest Bull Suffers $15 Billion Paper Loss
Bitcoin Hits 20-Month Low as Major Bull Loses $15 Billion
On June 25th, Bitcoin fell below $60,000, hitting a low of $58,030—its lowest level since October 2024. The sell-off triggered over $1 billion in leveraged liquidations in 24 hours, with longs accounting for $788 million. This marks a more than 53% decline from the October 2025 all-time high of $126,198.
A critical factor in the downturn is the weakening position of MicroStrategy, the largest corporate Bitcoin holder. With 847,363 BTC at an average cost of $75,651, the company now faces over $14.6 billion in unrealized losses. Its core financing flywheel—raising capital to buy Bitcoin—is stalling. Its variable-rate preferred shares (STRC), a key fundraising tool, have fallen 25% below their $100 target. This raises doubts about its ability to continue providing steady institutional demand for Bitcoin.
Simultaneously, U.S. spot Bitcoin ETFs are experiencing significant outflows, with a single-day net outflow of $469 million on June 24th. This represents the most severe sustained capital flight since their launch. The macroeconomic backdrop remains restrictive, with persistent inflation delaying expected Fed rate cuts.
Analysts note a shift in capital allocation, with institutional funds moving away from crypto towards AI infrastructure stocks. Immediate pressure comes from approximately $10 billion worth of Bitcoin options expiring on June 26th, which could increase market volatility. The combined effect of these factors—eroding core demand pillars, macro headwinds, and capital rotation—has decisively broken the $60,000 support level.
Foresight News06/26 03:11
