Bitcoin Rebounds to $58,700 After Hitting $57,700 as $395 Million in Crypto Bets Liquidate
Updated
Updated · CoinDesk · Jul 1
Bitcoin Rebounds to $58,700 After Hitting $57,700 as $395 Million in Crypto Bets Liquidate
1 articles · Updated · CoinDesk · Jul 1
Summary
$57,700 marked bitcoin’s lowest level since September 2024 before it recovered to about $58,700-$58,800, while 24-hour crypto futures liquidations reached $395 million, mostly from bullish positions.
Open interest climbed to 768,000 BTC from 740,000 BTC, but positioning stayed defensive: Deribit puts traded above calls across maturities, cumulative volume delta was negative, and a September $50,000 put block pointed to bets on another 15% slide.
Inflation worries strengthened the U.S. dollar and kept pressure on risk assets, with S&P 500 and Nasdaq 100 futures down 0.2%-0.4% and altcoins more exposed to liquidation cascades because of thinner liquidity.
Jupiter bucked the broader weakness, rising 11.5% as trading volume jumped 55% and TVL topped 20 million SOL from 13.9 million in May; stellar extended its weekly gain to about 16%-17%.
Those isolated rallies kept CoinMarketCap’s altcoin season index near 48/100 even as AI-linked tokens lagged, with Bittensor down 2.5% on the day and more than 30% since June 15.