Summary

• Bear-market sentiment has hit an all-time high: Bitcoin broke under $60,000 for the third time in 2026.
• Liquidity is being siphoned toward AI names and World Cup betting, and Strategy's fast-collapsing cash reserve looms as the most likely trigger for the bottom.
• ETF bleed-out has entered a second phase: spot Bitcoin ETFs posted two straight days of near-$1 billion combined outflows, among the largest single-day prints this year.
• Liquidations on June 24–25 totaled roughly $1.8 billion and fell almost entirely on longs, triggered by a sharp pump-then-dump around the PCE release that some traders read as market manipulation.

Crypto keeps breaking lower, decoupling from U.S. equities. ETF outflows have entered a second phase, while capital siphons toward AI and World Cup betting. Strategy's cash reserve has collapsed from seven years to just 10 months, and