Bitcoin’s hovering around $62,000, down nearly 2% in the last day. The selloff isn’t really a crypto thing — it’s broader than that. Semiconductor stocks are getting hammered. Oil jumped about 5% after fresh escalation between the US and Iran. Samsung’s profit-taking sent Asian markets reeling overnight.
The Federal Reserve released its June meeting minutes Wednesday, and traders are parsing them for any hint on rate cut timing. Markets currently price about a 73% chance the Fed holds steady at its July 29 meeting.
So what’s the actual BTC picture? Bitcoin’s cumulative volume delta tells the story. Monday was buying — $585 million in futures CVD, $119 million in spot. Net buying hit $705 million as BTC pushed above $64K. By Wednesday, the tone flipped. Futures selling hit nearly $500 million, spot added another $86 million in sell volume.
Funding rates and open interest dropped, though the week-long positive funding trend is still intact. Liquidations are relatively small but one-sided: roughly $47 million in long liquidations versus $4 million in shorts.
Hyblock data shows a big cluster of longs near $61,000. If BTC dips into that zone, forced selling could accelerate the move lower.
Is the rally over? Not confirmed yet. Bulls have been absorbing dips to $60K and below. ETF flows show appetite at current levels. But Wednesday’s action shows how fast conviction unravels when futures are the primary fuel. The Crypto Fear & Greed index is still in “fear” territory.
Adding to the gloom: Strategy recently sold 3,588 BTC, and Bitcoin’s current price sits well below its $74,582 average cost. That’s casting a long shadow.
