Liquidity Is Drying Up: Wintermute Says the Bitcoin Price Could Fall to $59,000

Wintermute’s trading desk says Bitcoin could slide toward $59,000, pointing to pressure in price action and derivatives. In a note shared with CoinDesk on June 24, the firm highlighted that Bitcoin and Ether are moving toward the lower end of recent ranges and cited options pricing for the next 24 hours: Bitcoin in a $61,242 to $63,563 band (1.9%) and Ethereum in a $1,606 to $1,694 band (2.7%). Wintermute also identified $59,000 as a key level to watch if selling continues, labeling it a bear-market low. The article links the decline to broader market dynamics, including a U.S. dollar index at 101.57, its highest since May 2025, and reports that U.S. spot Bitcoin ETFs saw net outflows of more than $6 billion over 30 days. It also lists potential catalysts later in the week, including updates on a U.S.-Iran peace deal, U.S. inflation data, and quarterly options expiry. On-chain analysis cited long-term holder selling slowing, with a 90-day average at 962 BTC.