Bitcoin Sinks to Underwater Record: Over 10.8 Million Coins in the Red as ETF Outflows and Options Expiry Add Pressure
26.06.2026 - 13:47:38 | boerse-global.de
The pain in crypto has reached a historic milestone. More than 10.83 million bitcoin are now trading below their purchase price, a record high that eclipses the deepest troughs of previous bear markets. The flagship cryptocurrency plunged as low as $59,215 on Wednesday, hovering just above its 52-week low of $58,189 before recovering slightly to $59,589. Roughly a third of the last three months’ buying — some 3.3 million coins — has been wiped out completely.
Institutional investors have been bailing at a furious pace. On June 24 alone, U.S. spot Bitcoin ETFs bled $469 million, the steepest single-day outflow since the start of the month. BlackRock’s iShares Bitcoin Trust accounted for nearly half that sum, losing $240 million in one session. The broader monthly picture is even starker: an estimated $6.4 billion has exited these funds over the past four weeks. Analysts attribute the rotation to rising bond yields, a muscular U.S. dollar, and sticky consumer inflation of 4.1% in May — all of which make zero-yielding bitcoin a tougher sell for portfolio managers.
Adding to the pressure is a massive options expiration on the Deribit platform Friday, valued at roughly $10 billion. Such events tend to act as price magnets, and this one arrives as leveraged positions are already blowing up. In the past 24 hours, more than $1 billion in crypto futures were liquidated, intensifying the selling momentum. Traders are bracing for amplified volatility as the notional sum comes due.
Should investors sell immediately? Or is it worth buying Bitcoin?
Long-term holders, often hailed as the market’s backbone, are feeling the burn too. This cohort controls 14.8 million bitcoin — about 75% of the circulating supply — yet 5.58 million of those coins are currently nursing paper losses. That is the second-highest count of underwater “hodled” coins since spring 2020. If these steadfast investors capitulate and sell at a loss, the sell-off could accelerate dramatically. If they hold the line, the $59,000-$60,000 zone may solidify as a floor.
Regulatory fog is compounding the anxiety. The Biden administration has reportedly delayed the CLARITY Act, a bill designed to provide a legal framework for crypto, following pushback from law enforcement agencies. Without clear guidelines, big money remains on the sidelines. Retail sentiment has already cratered: the Crypto Fear & Greed Index sits at 12, signaling “extreme fear.” Many individual traders have shifted their cash into surging AI stocks instead.
On a technical basis, bitcoin is deeply oversold. The relative strength index (RSI) stands at 29.5, typically a signal that a bounce is due. Yet the trend remains hostile. If the current support band fails to hold, the next downside target is the 52-week low at $58,189. Friday’s options expiry will likely determine whether the market finds a temporary bottom or opens the trapdoor to deeper losses.
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