Bitcoin steadies at $62,600 as South Koreans flee stocks rout for crypto
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin consolidated at $62,600 after Monday's slide from $64,400 to $61,800, with $283 million in 24-hour liquidations skewed 74-26 toward longs and Binance's liquidation heatmap flagging $61,300 as the key downside level.
- Options markets are moderating their bullishness, with the put/call ratio softening from 64/36 to 58/42 and the one-week delta skew compressing from 26% to ~15%, while Deribit's DVOL at 37.43 sits near multi-year lows.
- South Korea's KOSPI dropped 10% since Friday, sending Upbit trading volume surging 1,426% as Korean investors rotated into crypto — potentially reversing the machine chip trade that saw them exit digital assets at year-end.
- CEX trading volumes rose for the first time in five months in June, with spot climbing 15.3% to $1.11 trillion and RWA perpetual volumes hitting a record $311 billion.
- Bitcoin derivatives positioning remained broadly unchanged, with open interest at $17.1 billion, three-month annualized basis at 3.8%, and funding rates running 0%–8% across multiple venues with no stress signals.
- Gold extended its decline from January's record high to around $4,020 per ounce, down roughly 28% since January 29, even as Trump threatened "very heavy" strikes on Iran on Tuesday.
Why it matters: The KOSPI rout sent Upbit volumes up 1,426%, potentially reversing the machine chip trade that saw Korean investors exit crypto at year-end — a fresh capital pool re-entering digital assets while local equities crater 10% in three sessions. The first CEX spot volume increase in five months reinforces the flow signal.
