Bitcoin traded near $58,700 as ETF selling, weak U.S. demand and a break below long-term support kept pressure on BTC.

Bitcoin traded near $58,690 at press time, down about 1.2% over the latest session, according to crypto.news market data. BTC moved between an intraday low of $57,891 and a high of $59,447, keeping the market close to the $58,000 support zone that traders have watched through June.

Meanwhile, the latest price action followed a weak monthly close for Bitcoin. BTC ended June in the red after falling from around $74,000 to near $58,000. June was not only a price decline, but also a shift in market structure as ETF demand, Coinbase Premium and apparent demand weakened at the same time.

The decline has brought BTC back to levels last seen during earlier stress periods. A loss of the $58,000 zone would keep sellers in control and could bring the next major area near $50,000 into view. A recovery attempt would need to reclaim higher moving averages before traders can treat the move as more than a short bounce.

Bitcoin ETF outflows deepen June pressure

U.S. spot Bitcoin ETFs recorded about $4.5 billion in net outflows in June, marking their worst month since launch in January 2024, according to SoSoValue data. The funds also posted $222.6 million in net outflows on June 30, extending a nine-day losing streak.

BlackRock’s IBIT accounted for the largest share of June withdrawals, with about $3.55 billion leaving the fund during the month. The combined June outflow passed the previous monthly record of $3.48 billion set in February 2025 by about 29%.

U.S. spot Bitcoin ETFs had already seen a record 13-day outflow streak from May 15 to June 3, with about $4.37 billion leaving the products. That earlier selloff showed how ETF flows had become one of the main drivers of Bitcoin price action in 2026.

Traders had already been watching ETF flows, geopolitical risk and the $62,000 level in late June. The move below that area now shifts attention to whether BTC can defend $58,000 or if the market starts testing lower support.

200-week moving average breaks

Bitcoin also closed below its 200-week moving average for the first time since 2023, according to a Barchart post on X. The 200-week moving average is widely watched because past breakdowns below it have often appeared near deep cycle lows or long accumulation phases.

Earlier in June, $60,000 had become an important psychological and technical level for BTC. A convincing break below that zone could push traders to watch $50,000, which is close to Bitcoin’s August 2024 low near $49,445.

Bitcoin would need to regain the 30-day and 200-day moving averages to turn sentiment more positive. Those levels were far above spot price during the June selloff, showing how much work bulls face before the chart structure improves.

Some traders still view the break as a possible long-term entry point. But the short-term structure remains weak while Bitcoin trades below major averages and below its former support zone. The market now needs stronger spot demand to stop the decline from extending.

Analysts split on Bitcoin correction depth

“If this ends up holding then those who called it a mid-cycle correction will be vindicated,” analyst Matthew Hyland said in a post on X. He argued that Bitcoin’s current decline looks closer to the 2019 and 2021 mid-cycle corrections than deeper bear markets such as 2014, 2018 and 2022.

“BTC has barely seen any massive liquidation events this cycle, relative to its last cycle,” Daan Crypto Trades said on X. 

He said lower open interest and lower speculation helped make this cycle’s moves slower and more controlled than the 2021 run.

“Bitcoin has officially dropped to new lows for the year of 2026,” Rekt Capital said on X. He noted that BTC had deviated about 16% below its 2021 all-time high, moving closer to the 22% deviation below the 2017 high seen during the 2022 bear market.

CryptoQuant’s XWIN Japan said June showed two sides of the market. The Coinbase Premium Index stayed negative, showing weak U.S. institutional spot demand, while apparent demand stayed deeply negative. At the same time, long-term holders kept holding, and whale accumulation remained resilient despite short-term panic selling.

Moreover, as reported by crypto.news, SpaceX disclosed 18,712 BTC in its filing, but the IPO’s $75 billion raise also competed for risk capital. That means the listing may have helped Bitcoin’s long-term corporate-treasury story while draining some near-term market liquidity.

That mix leaves Bitcoin at a key decision point. ETF flows, Coinbase Premium, apparent demand and liquidity now matter more than price alone. A rebound in these indicators could support a base near current levels. Without that shift, BTC may remain exposed to further downside below $58,000.

Phantom has hired three Ventuals creators after the Hyperliquid-based project shut down its OpenAI and Anthropic perpetual futures markets.

Phantom CEO Brandon Millman said Alvin Hsia, Emily Hsia and Aris Samad, who created Ventuals, have joined the company’s trading and data teams.

U.S. spot bitcoin ETFs recorded $4.5 billion in net outflows in June, their worst month since launching in January 2024, per SoSoValue data.

The previous record was $3.48 billion in February 2025. June’s figure beat that by 29%.

BlackRock’s IBIT, the largest fund by assets, accounted for $3.55 billion of the monthly total alone, including $212 million on June 30, the ninth consecutive day of net outflows. Total ETF assets have fallen to about $71 billion from roughly $83 billion at the start of the month.

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Two events may have set the streak in motion. SpaceX debuted June 12 and within days had absorbed billions in risk capital, with retail buying on its first trading day breaking all single-session records and the offering raising $75 billion in total.

Five days later, Kevin Warsh’s first Fed meeting as chair turned the dot plot toward hikes, took rate cuts off the table, and gave institutions a reason to reduce exposure to volatile assets.

Anthropic has said it will restore public access to Claude Fable 5 and Mythos 5 after U.S. authorities lifted export restrictions that had kept the company’s two most advanced AI models offline since June 12.

According to Anthropic, the decision followed “a series of productive conversations” with the U.S. government, after which the company began redeploying the models with new classifiers designed to identify and block more cybersecurity-related tasks.

The company said the latest safeguards are meant to address government concerns linked to possible misuse if the systems are bypassed through jailbreak methods.

The restrictions had forced Anthropic to suspend access to Fable 5 and Mythos 5 for all users earlier this month, after a U.S. government export control directive instructed the company to block both models for all foreign nationals. 

In its June 13 statement, Anthropic said the order also covered foreign-national employees working inside the company, prompting it to disable the models entirely to ensure compliance.

U.S. government clears redeployment after review

U.S. Secretary of Commerce Howard Lutnick said on X on Wednesday that officials had worked with Anthropic over the past two weeks to review and approve Fable 5 while keeping the model aligned with U.S. government requirements.

White House Chief of Staff Susie Wiles also said on X that the government’s priority was to get the best AI technology deployed “as quickly and safely as possible.”

The intervention came after officials became aware of a report in which Amazon researchers found a method to bypass Fable 5’s safeguards and make the model identify software vulnerabilities. 

Anthropic, however, has argued that the reported issue was not unique to Fable 5, saying weaker models could also identify the same vulnerabilities and produce similar exploit-related output.

In its earlier response to the order, the company said authorities had presented only verbal evidence of what it described as a narrow, non-universal jailbreak. Anthropic said such a method did not remove a model’s safety protections across a wide range of tasks, unlike a universal jailbreak.

“We disagree that the finding of a narrow potential jailbreak should be cause for recalling a commercial model deployed to hundreds of millions of people. If this standard was applied across the industry, we believe it would essentially halt all new model deployments for all frontier model providers.”

The company had also warned that treating a narrow jailbreak as a reason to recall a commercial frontier model could affect the entire AI industry if applied as a general standard.

Restrictions on Anthropic have raised policy concerns outside the United States as well. On June 29, Austria urged the European Union to explore establishing Anthropic within the bloc, with State Secretary for Digitalization Alexander Proell arguing in a letter that Europe should not risk losing access to major AI advances because of decisions made elsewhere.

Anthropic expands cooperation on AI safety

Alongside the model redeployment, Anthropic said it is increasing cooperation with the U.S. government on model testing, safeguards, and misuse tracking. The company said this will include pre-release access to models and safety systems for evaluation, information sharing on jailbreaks and misuse, and dedicated resources for joint research.

Anthropic has also started drafting a framework with Amazon, Microsoft, Google, and other partners through Project Glasswing, a cybersecurity collaboration announced in April, to assess the severity of AI jailbreaks. The company said the framework is being developed as a consensus effort for classifying jailbreak risks.

The access debate came as Anthropic has continued its push for stricter frontier AI oversight. In its June 11 “Policy on the AI Exponential” proposal, the company called for testing requirements, independent evaluations, cybersecurity standards, and enforcement measures for advanced AI systems, citing potential biological, cybersecurity, and operational risks.

Key Takeaways

• On June 26, XRP touched $1.009, marking its lowest level since November 2024
• Despite the price decline, XRP spot ETF inflows remained in positive territory
• Technical analysis reveals a sustained downtrend originating from July 2025
• Open Interest has found equilibrium around 400 million XRP, indicating reduced speculative fervor
• Bullish divergence patterns on daily timeframes hint at potentially weakening bearish momentum near the $1 threshold

On June 26, 2026, XRP declined to $1.009, representing the token’s lowest point since it last visited these levels in November 2024.

The decline occurred against a backdrop of continuing positive flows into XRP spot exchange-traded funds. Market participants continued accumulating through these investment vehicles despite downward price momentum.

While ETF accumulation reduces circulating supply available for trading, this dynamic has yet to catalyze upward price movement given prevailing market sentiment.

Overall market appetite for XRP has diminished considerably over recent months, accompanied by a notable contraction in speculative trading activity.

Technical Analysis Overview

The daily timeframe reveals XRP locked in a downward trajectory that originated in July 2025. The decisive break beneath the April 2025 swing low at $1.61, which occurred in February, validated the bearish market structure.

Following this breakdown, XRP consolidated within a defined range for multiple months. Late May witnessed an aggressive selling wave that shattered this consolidation pattern and accelerated the downside move.

A temporary recovery pushed prices toward $1.30 before momentum faded, leaving XRP hovering around $1.05.

Futures market data indicates Open Interest has stabilized at approximately 400 million XRP. The corresponding Open Interest Turnover Ratio has maintained levels near 0.71.

According to analyst Arab Chain, market participants should monitor these indicators for sudden increases. Rapid expansion in either Open Interest or turnover ratio typically precedes elevated volatility periods.

Examining the 4-hour chart, XRP rallied to $1.2935 during mid-June. This advance reached the 78.6% Fibonacci retracement zone around $1.2985 before encountering renewed selling pressure.

Should the bearish trajectory persist, potential downside objectives emerge at $0.975 and $0.854. Market probabilities favored a breach below $1 during July.

Potential Support Dynamics

An alternative technical interpretation presents a more constructive outlook. XRP has consistently rebounded from the $0.90-$1.00 zone, establishing this region as durable support through multiple challenges.

The $1.13 level has transitioned from support into resistance. A successful reclaim of this threshold would indicate emerging bullish momentum.

A bullish divergence pattern on daily charts has persisted for approximately one week. Such formations typically suggest diminishing selling intensity rather than imminent capitulation.

On social platforms, trader Celal Kucuker stated XRP should maintain current support levels and projected a potential climb to $10 within the next twelve months, acknowledging significant volatility along that path.

Technical analyst ChartNerd identified a repeating accumulation structure observed during previous bear cycles, highlighting historical drawdowns ranging from 85% to 96% spanning 14 to 37 months, contrasting with the current 72% retracement over 11 months.

The immediate focus centers on the $1.00 threshold. Maintaining this level preserves the possibility of retesting $1.13 resistance, while a breakdown would expose the $0.87-$0.90 support zone.

Taiwanese lawmakers on Tuesday passed a law to establish a regulatory framework for crypto, which includes licensing and rules for stablecoins.

The country’s financial watchdog, the Financial Supervisory Commission (FSC), said that the Legislative Yuan passed the law requiring all virtual asset service providers, or VASPs, to get approval from the regulator to operate.

The law also says stablecoins issued in the country must get approval from the central bank and the FSC, and issuers must maintain sufficient reserves with a trustee and undergo regular audits.

The law is the first to regulate crypto and stablecoins in Taiwan, bringing it in line with other nations in the region, such as Japan, Singapore and Hong Kong, that have long passed laws to regulate the sector in a bid to attract the industry.

The FSC said the bill further strengthens the protection of traders’ rights and that issuing stablecoins will help Taiwan integrate with the international market and secure a place in the global crypto market.

Source: Cointelegraph

Taiwan’s rules outline seven types of VASPs, including exchanges, trading platforms, custodians and lenders, which will all be subject to rules for internal control and audits, cybersecurity systems, crypto listing and delisting rules, customer asset segregation and financial reporting.

The rules outlaw crypto-based fraud and price manipulation, with violators facing between three and 10 years in prison and fines ranging from about 10 million New Taiwan dollars ($300,000) to 200 million New Taiwan dollars ($6.3 million).

Those caught operating a VASP or issuing a stablecoin without a license face up to seven years in prison and fines of up to 100 million New Taiwan dollars ($3.1 million), Taiwan’s national news agency, CNA, reported on Tuesday. 

Related: US ban on stablecoin yield could see others fill the void: Ledger exec

The implementation date of the bill is still to be determined, and the law will take effect only after it is published by the government’s executive branch.

The FSC said VASPs that complete anti-money laundering registration before the bill is implemented, and institutions that provide related services under the agency, should apply for a license within 12 months after the bill is implemented.

CNA reported that lawmakers also passed a resolution asking the FSC to propose a plan within a year outlining how the crypto industry can provide derivative crypto commodity services, with the aim of providing diversified investments and improving the sector’s health.

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