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BTC Dips Below 60K as Crypto Sells Off
Bitcoin briefly slipped back below $60,000 yesterday and the chart looks heavy, although it was not just Bitcoin having a bad day, with major tech stocks and precious metals also taking a hit.
According to data from CoinGlass (see chart below) there were more than $650 million in crypto liquidations over a 24-hour period, with around $580 million in long positions getting wiped out.  BTC is at the time of writing back above 60K, but this is the second time this month that it has unconvincingly recovered after losing the $60,000 support level, with each tap increasing the likelihood of a deeper breakdown.
Elsewhere around crypto, it was a similar story, with ETH falling below $1,600, and SOL looking vulnerable at around the $67 mark, while the total crypto market value is trying to hold above $2 trillion, down from a $4.27 trillion ATH last year.
On top of all that, there is also a huge amount of fear and doubt around Strategy, which holds over 4% of the total BTC supply but this week saw MSTR stock fall below $100, down around 84% from last year’s ATH, while its perpetual preferred stock STRC, which is supposed to be pegged at $100, is trading at around $80.
So are there any positives to take from all this? Well, these kinds of bloody price action and deeply negative sentiment are typical of late-stage crypto bear markets. There may be further to drop yet, but timing-wise, it looks like we are getting nearer to the end than the beginning of this bearish grind.
BTC and ETH ETF Demand Drops Off
We don’t want to hammer you with too much bad news here, but it’s worthwhile checking what’s happening with crypto ETFs, and the story right now is all about outflows.  Data from the Farside Investors chart, above, shows that the BTC ETFs have experienced five consecutive negative trading days, with outflows hitting $229.7 million yesterday, while the ETH ETFs have also had five consecutive negative trading days.
That said though, it’s a more positive story for the SOL ETFs, which have had neutral flows for the past three trading days, while the last negative day was June 11th. And for the HYPE ETFs the situation also looks constructive, with a mixture of neutral and positive days.
Micron Crushes Earnings
Micron Technology’s latest earnings cannot be overlooked, as the semiconductor firm’s fiscal Q3 report came in well ahead of expectations yesterday, providing a boost not only for MU, but also for investors seeking indicators that the wider AI memory trade is still on.
As for the numbers, Micron reported revenue of $41.46 billion, above forecasts of around $35.5 billion, while YoY comparisons showed enormous levels of expansion, with revenue up more than 300% and adjusted profit rising more than 1,200%.  So, the major story here is memory demand, a substantial narrative that is backed up by earnings call statements from Micron CEO Sanjay Mehrotra, who explained that,
"DRAM and NAND industry demand continues to significantly exceed industry supply. We expect tight conditions to persist beyond calendar 2027. We currently do not have line of sight as to when memory supply will be able to catch up."
And he also touched on robotics demand, stating that,
“Humanoid robots carry 10 times the amount of memory as an average L2+ vehicle. We expect a sustained substantial multi-decade memory demand cycle to begin in the latter part of this decade.”
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