By Ulysses Cornelius. As of 3:15 p.m. ET on Tuesday, June 23, 2026, the bitcoin selloff is the freshest crypto catalyst from the current market scan. The Block reported that Bitcoin slipped below $62,500 while Ether traded below $1,700, with spot ETF outflows and Friday's $10.6 billion Deribit options expiry now shaping the tape.

This is market education, not financial advice. Crypto is trading like a macro-sensitive risk asset again. The same rate and dollar pressure that hit gold and growth stocks is now feeding into Bitcoin, Ether and high-beta tokens.

In our internal ChartDojo review logs, expiry weeks often expose traders who size positions from a single spot chart. Options positioning, ETF flow data and the next macro print can all change the risk of a clean-looking setup.

TL;DR

  • The Block reported that Bitcoin fell below $62,500 on Tuesday as spot Bitcoin ETF outflows reached a sixth straight week.
  • The Block's price panel showed BTC near $62,278, down 3.18%, while ETH traded near $1,657, down 4.31%, during this scan window.
  • CoinDesk reported that more than $10.6 billion in Bitcoin options are set to expire on June 26.
  • The $60,000 strike is now a practical risk level because both spot price and options open interest are clustered near it.

Bitcoin selloff and options expiry: What happened

Bitcoin extended its June weakness on Tuesday. The Block reported at 1:26 p.m. ET that BTC slipped below $62,500 as exchange-traded fund outflows, Federal Reserve rate risk and the upcoming options expiry kept buyers cautious.

Ether also weakened. The Block said ETH changed hands below $1,700, and its live price panel showed ETH down more than 4%. Solana was down more than 5%, confirming that broad crypto beta was under pressure.

The flow backdrop matters. The Block cited SoSoValue data showing spot Bitcoin ETFs recorded $68.2 million of net outflows on June 22. It also reported that the ETF complex has lost more than $6 billion over the past 30 days.

Friday adds another pressure point. CoinDesk reported that more than $10.6 billion in Bitcoin options are set to expire on June 26, with only about $2 billion currently in the money. In plain English, many contracts are far from profitable at current prices, so hedging flows can become jumpy as expiry approaches.

Why markets moved

The immediate catalyst is not one headline. It is the overlap between weak ETF demand, higher-for-longer rate expectations and a large derivatives event.

ETF flows are important because they represent regulated, institutional-style demand. When net flows stay negative for weeks, the market loses a steady buyer that helped support earlier rallies. That does not guarantee lower prices, but it leaves spot more exposed to macro stress and forced risk reduction.

Rates are the second channel. The Block tied the latest weakness to a hawkish Fed backdrop and Thursday's PCE inflation report. PCE, the personal consumption expenditures price index, is one of the inflation measures the Fed watches closely. A hotter print would make it harder for traders to rebuild a rate-cut narrative.

Options are the third channel. CoinDesk noted heavy open interest around the $60,000 put and $80,000 call strikes. The $60,000 area is close enough to matter now. If Bitcoin trades toward it, hedging and stop-loss activity can amplify intraday moves.

Implications for the most impacted trader cohorts

Bitcoin traders: the $60,000 to $67,000 range is the immediate map. A hold above $60,000 would keep the selloff contained inside a known range. A break below it would raise the risk of forced selling and faster downside tests.

Ether and altcoin traders: ETH below $1,700 and SOL down more than 5% show that broad crypto beta is under pressure. If BTC cannot stabilize, altcoins may keep reacting with larger percentage moves.

Options traders: the June 26 expiry is now a volatility event. The issue is less about predicting an exact settlement price and more about respecting how dealer hedging can widen intraday swings near crowded strikes.

Macro traders: Thursday's PCE report is the next shared input for crypto, gold and equity index traders. A softer number could ease rate pressure. A hotter number would keep the dollar and real-yield channel pointed against non-yielding assets.

Potential positives vs negatives

Potential positives:

  • Positioning appears cleaner than earlier in the month, according to the analyst commentary summarized by The Block.
  • A soft PCE print could reduce rate pressure and give BTC room to reclaim the mid-$60,000 area.
  • Once the June 26 expiry clears, traders should get a cleaner read on spot demand without the same expiry-week noise.

Potential negatives:

  • ETF outflows above $6 billion over 30 days point to a weaker demand structure.
  • A break below $60,000 could turn a range trade into a faster liquidation event.
  • If PCE is hot, traders may price a tighter Fed path and keep pressure on Bitcoin, Ether and gold at the same time.

What could happen from here

Base case: Bitcoin holds the $60,000 to $67,000 range into Friday's expiry while traders wait for PCE. Confirmation would be BTC holding above $60,000 and ETF outflows slowing. Invalidation would be a daily break below $60,000 with ETH failing to reclaim $1,700.

Upside case for crypto: PCE comes in soft, the dollar cools and ETF flows stop deteriorating. Confirmation would be BTC reclaiming $65,000 with ETH back above $1,700 and stronger breadth across major tokens. Invalidation would be another round of ETF outflows and failed rallies before the U.S. close.

Downside case for crypto: the expiry-week move accelerates toward the $60,000 strike and macro data reinforces higher-rate fears. Confirmation would be BTC breaking $60,000 while ETH and SOL extend losses. Invalidation would be a sharp recovery after the expiry clears and ETF flow data turns less negative.

What to watch next (next 24h)

  • Bitcoin's reaction around $62,500 first, then the $60,000 strike area.
  • Ether's ability to reclaim and hold $1,700.
  • Daily spot Bitcoin ETF flow data after the June 22 outflow.
  • Thursday's PCE inflation report and any change in Fed rate expectations.
  • Dealer behavior into the June 26 Deribit options expiry.

Sources

  • The Block: Bitcoin below $63,000, ETF outflows and June 26 options-expiry context.
  • CoinDesk: $10.6 billion Bitcoin options expiry and strike-level context.
  • CoinGlass: spot Bitcoin ETF flow dashboard.
  • Wikimedia Commons: CC0 Bitcoin image used for the header.

Related ChartDojo coverage: Bitcoin Risk Map: Rally Fades Near $65K, Dollar Breakout Tests Gold and Stocks and Nasdaq Selloff Deepens as AI Chip Rout Spreads.

Header image source: Wikimedia Commons, Dmar198, CC0 1.0 public domain dedication.

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