Bitcoin falls below $63,000, or suppresses the market due to continuous ETF outflows and the expiration of $10.6 billion in options

Comparing news, Bitcoin fell further to around $62,000 on Tuesday, continuing weak fluctuations due to the sixth consecutive week of outflows of spot ETFs, the hawking of macro-interest rate expectations, and end-of-quarter option expiration pressure. Ethereum fell below $1,700 on the same day, and both BTC and ETH have retraced nearly 20% over the past 30 days.

This week's market pressure mainly came from two clues. One is that the Federal Reserve kept interest rates at 3.5% to 3.75% at the FOMC meeting on June 18, but the statement clearly cut the easing statement, and the bitmap also changed from previously implying interest rate cuts to implying interest rate hikes. Nine of the 18 officials already expect to raise interest rates at least once this year. The probability of a December rate hike is significantly higher than a month ago.

The second is that geopolitical risks are re-disrupting the market. Previously, the US-Iran cease-fire was expected to push Bitcoin above $67,000, but the situation broke down during the signing ceremony on June 19, and Iran withdrew from negotiations. Bitcoin was the first to reflect this shock due to 7×24 hour trading in the crypto market. Additionally, Deribit will see approximately $10.6 billion in options expire on June 26, which has also intensified wait-and-see sentiment in the market at the end of the quarter.

Analysts believe that currently leverage has been heavily cleared, and market positions are biased, but the next direction still depends on Thursday's PCE inflation data and whether the cash flow of spot ETFs can be corrected again.