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ToggleBitcoin continued its weakness from the past two weeks, trading at $61,784 on the morning of June 10th, a 24-hour drop of only 1.3%. However, this figure cannot mask the deeper market damage. BTC's recent 14-day high was $75,858 on May 27th, after which it plummeted, hitting a recent low of $59,353 on June 6th before slightly rebounding. It is currently struggling around the $62,000 level. Ethereum is also weak, currently trading at $1,641 , down 1.27% in the last 24 hours. Its recovery from the June 6th low of $1,522 is also limited, and it remains more than halved from its 14-day peak of $2,082.
Liquidation data: $426 million wiped out in 24 hours, with long positions accounting for 80%.
According to CoinGlass statistics, the total liquidation amount in the past 24 hours was approximately $426 million ($425.68 million) , indicating a severe imbalance between long and short positions. In the past 12 hours alone, long positions were liquidated totaling $249.87 million , while short positions were liquidated at only $60.06 million, with long positions accounting for nearly 80%. The repeated forced liquidation of long positions betting on a rebound at lower levels suggests that the market has not yet formed a valid consensus on support levels.
Triggering factors: CPI to be released tonight, largest weekly outflow in ETF history, and overwhelming hawkish sentiment.
The key catalyst for today's wait-and-see atmosphere in the cryptocurrency market is the US May CPI data to be released tonight (June 10, 2026) . April's CPI annual growth rate reached 3.8%, a new high since May 2023; if the May figure again exceeds market expectations of 3.6%, it could completely extinguish any remaining hope for an interest rate cut in 2026.
The FOMC will meet on June 16-17. CME FedWatch currently shows a 99% probability that the interest rate will remain unchanged at 3.5-3.75%. Fed Chairman Kevin Warsh was sworn in on May 22 and has a clearly hawkish stance. Market uncertainty about the future direction of monetary policy continues to suppress risk assets.
The liquidity situation is also not optimistic. The US Bitcoin spot ETF saw its largest weekly outflow in history, $3.4 billion , in the week ending June 5, following 13 consecutive trading days of net outflows; the BTC selling by publicly traded company Strategy (MSTR) further exacerbated the selling pressure at market lows.
Other currencies: SOL and XRP also weakened.
Solana (SOL) is currently trading at $65.01 , down 0.78% in the last 24 hours. The 24-hour range was between $63.54 and $67.47, a relatively mild decline, but it still hasn't escaped the overall weak market sentiment. XRP is currently trading at $1.133 , down 1.91% in the last 24 hours, the deepest drop among the four major cryptocurrencies. The 24-hour range was between $1.119 and $1.177, and it briefly approached the $1.10 support level during the session.
Market Sentiment: Fear Index dips to 9, awaiting CPI to determine direction
The Fear & Greed Index is at 9 (extreme fear) today, compared to 10 yesterday and 11 last week. It has been deeply in the extreme fear range for three periods and continues to decline, indicating that market confidence has not yet shown any signs of recovery.
U.S. stocks also closed under pressure on June 9, 2026: the S&P 500 fell 0.26% to 7,386.65, and the Nasdaq fell 0.97% to 25,678.82. Trump's comments suggesting he was considering resuming military action against Iran dampened risk sentiment, with technology stocks leading the decline.
Ahead of the CPI data release, most traders chose to remain on the sidelines. If tonight's inflation figures are lower than expected, BTC could test the $62,000 level again; conversely, if the figures are disappointing, the recent low of $59,353 will face a retest.
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