Bitcoin Rebounds Off Yearly Lows as ETF Outflows and Options Skew Weigh

Bitcoin fell 9% over three days to its lowest level since September 2024, with a $58,000 retest triggering more than $1 billion in liquidations of bullish leveraged positions. The market recovered modestly to $59,500, but traders remained uneasy as the S&P 500 and gold fully erased earlier intraday losses.

The downturn coincided with the US Personal Consumption Expenditures index showing a 4.1% year-over-year rise in May, while Brent oil slid to $75 from $95 a month earlier. Lower energy costs freed cash that helped lift equities, and the tech sector led gains—Micron jumped 16%, Sandisk 18% and Applied Materials 10%—reflecting renewed investor interest alongside recent government emphasis.

United States

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