U.S. PCE inflation rose 4.1% year-over-year in May — highest since April 2023 — triggering $1.26 billion in crypto liquidations on June 25. Bitcoin fell to a fresh 2026 low of $58,000 as the data extinguished hopes for Federal Reserve rate cuts under Chair Kevin Warsh, who held the benchmark rate at 3.5–3.75%.
why it mattersA PCE print double the Fed's 2% target, paired with a Fed chair who has already ruled out cuts, is the clearest macro driver for this leg down.
CoinDesk
Bitcoin's slide below $59,000 pushed a record 10.83 million BTC into unrealized loss on June 25, exceeding peaks seen at the bottoms of the 2019, 2020, and 2022 bear markets. Long-term holders controlling 14.8 million BTC are largely holding firm despite having more than a third of their stack underwater.
why it mattersThis metric has historically clustered near cycle bottoms; a new all-time high in supply-in-loss is a closely watched on-chain capitulation signal.
CoinDesk
U.S. spot Bitcoin ETFs shed $469 million in net outflows on June 24, led by BlackRock's IBIT at $239 million in redemptions. Total AUM has fallen from an October 2025 peak of $169.5 billion to $77.6 billion — erasing 19 months of gains and returning to levels seen just after Trump's November 2024 election victory.
why it matters$9 billion in cumulative net-inflow reversal from the peak signals institutional selling, not retail panic, as the dominant force in this drawdown.
CoinDesk