Live markets: Bitcoin could drop to $59,000 in the short-term as liquidity dries up

live Updated just now Live markets: Bitcoin could drop to $59,000 in the short-term as liquidity dries up Trading firm Wintermute's options desk puts bitcoin in a $61,242 to $63,563 range for Tuesday, with correlation rising across tokens and no fresh ETF bid in sight. By Shaurya Malwa Make preferred on Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email just now · 5:13 AM Shaurya Malwa Share Share this post Copy link X icon X (Twitter) LinkedIn Facebook Email Wintermute sees bitcoin grinding toward $59,000 as summer liquidity dries up Bitcoin and ether are grinding toward the lower end of their recent ranges, major market making firm Wintermute's OTC trading desk said in a Wednesday note shared with CoinDesk, with both assets caught between last week's hawkish Fed and the stop-start Iran headlines. Options markets price a relatively tight move for the next 24 hours. Wintermute's one-day straddle, a measure of expected swing derived from options pricing, put bitcoin in a $61,242 to $63,563 range and ether between $1,606 and $1,694, implying moves of about 1.9% and 2.7% respectively. The backdrop is deteriorating. Token correlations are rising, meaning assets are moving together rather than on their own fundamentals, while liquidity is thinning into the summer months with no fresh institutional bid visible in ETF flows. Wintermute flagged $59,000 as the level to watch, calling it the bear market low and the key support if current pressure continues. Three catalysts shape the rest of the week: the U.S.-Iran peace deal and whether it holds, Thursday's PCE inflation print, the Fed's preferred measure of price growth, and the quarterly options expiry at month-end, which can amplify moves as traders roll or close large positions. Latest Crypto News 1 Bitcoin drops toward $62,000 as the chip selloff deepens for a second day 41 minutes ago 2 Crypto PAC's $5.5 million Congress pick gets Maryland win, more crypto allies advance 2 hours ago 3 AI chipmaker Cerebras down 11% after first public earnings report 6 hours ago 4 Crypto critic Roubini joins tokenization boom with onchain 'Technodollar' 7 hours ago 5 Meta is developing a prediction market app called ‘Arena’ as sector booms: NYT 11 hours ago 6 BNY sees 'FOMO' driving asset managers into tokenized funds 12 hours ago 7 Chainlink teams up with 47 South Korean, European banks to speed up international money transfers 13 hours ago 8 Vitalik Buterin says Ethereum Foundation will cut budget 40% in major reset 14 hours ago 9 Bitcoin's recent drop below $60,000 signals Fed, ETF and AI pressures: Deutsche Bank 14 hours ago 10 The SEC delayed tokenizing stocks, and here’s why that’s a relief 15 hours ago Latest Research CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. By CoinDesk Research Jun 15, 2026 In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. Why it matters : In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high. View Full Report More From Tech Vitalik Buterin says Ethereum Foundation will cut budget 40% in major reset Ethereum Foundation cuts 20% of staff amid leadership exodus Quantum computing is often seen as a risk to bitcoin. Now Trump wants to develop it.