$700M Liquidated at $61,860. The CFTC Wants Oil on Perps Now. June 24. — Mexico Guide
BTC hit $61,860 with $700M liquidated, CFTC proposes perpetual contracts for oil, Ethereum Foundation cuts 40%. Binance referral code RATE20 for 20% discount. Tailored for Mexico traders with MXN deposit methods.
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Bitcoin hit $61,860 early this morning — its lowest since June 11 — and wiped out $700 million in leveraged positions in the process. Meanwhile, the CFTC just published a 22-page request for comment on bringing perpetual contracts and 24/7 trading to physical oil markets. The instrument crypto invented is about to regulate commodities. And the Ethereum Foundation fired 54 people, slashed its budget 40%, and lost its ninth senior leader since January. Three stories. One thread: the old financial system is breaking apart and being rebuilt in real time — and the price of Bitcoin doesn’t care yet.
$61,860: Another Flush, Another $700M Gone
The sell-off started in Asian hours. Bitcoin slid from $64,580 to an intraday low of $61,860, carving through $62K support that had held for two weeks. Over $700 million in leveraged longs were liquidated — the third major wipeout this month.
The drivers are familiar at this point:
- Iran-Hormuz stalemate continues to pressure inflation expectations higher
- ETF outflows have resumed after a brief mid-June respite — 10+ consecutive days of selling totaling roughly $3.4B since mid-May
- Warsh’s Fed has half its members projecting a rate hike, with no forward guidance to anchor expectations
- Strategy rumor mill — market chatter about additional BTC sales by Saylor’s company, though unconfirmed
The technical picture is ugly. BTC is trading below all 14 moving averages. RSI sits at 37 — approaching oversold but not there yet. Of 23 technical signals tracked by Investtech, 12 are bearish, 9 neutral, and only 2 bullish.
| Level | Price | Status |
|---|---|---|
| Resistance 1 | $63,777 | EMA(10) — first hurdle |
| Resistance 2 | $65,021 | EMA(20) — bears’ line |
| Resistance 3 | $66,000 | Falling channel top |
| Support 1 | $62,000 | Tested and cracked today |
| Support 2 | $60,800 | Channel bottom |
| Support 3 | $59,130 | May cycle low — the line in the sand |
The Fear & Greed Index is at 23 — Extreme Fear. That’s where it was two weeks ago. It hasn’t budged. The market isn’t panicking fresh; it’s exhausted. And exhaustion, historically, precedes resolution.
A 4-hour close below $61,500 opens the path to $59,130 — the May cycle low and the level where Galaxy Digital’s bear thesis starts looking prescient. A reclaim of $63,777 on volume is the minimum for any bullish case.
The CFTC Just Made Perps a Government Priority
This is the story the market should be paying more attention to. On June 22, the CFTC released a 22-page request for comment asking two extraordinary questions:
- Should standard futures contracts — including energy futures — trade 24/7?
- Should perpetual contracts be listed for physically delivered commodities like crude oil?
Let that sink in. Perpetual contracts — the instrument that Binance, Bybit, and offshore exchanges turned into a $2+ trillion daily market — are being seriously evaluated by the U.S. government for crude oil trading.
The backstory makes it even wilder: during the Hormuz crisis, when traditional oil markets were closed for the weekend, global oil traders migrated to Hyperliquid — a decentralized crypto exchange — to hedge their exposure. Tokenized WTI crude oil perpetuals traded $1.68 billion in volume on a platform most Wall Street traders had never heard of.
The CFTC noticed. And now they want to bring this onshore.
The Timeline So Far
| Date | Event |
|---|---|
| May 29 | CFTC approves first Bitcoin perpetual futures on a US exchange |
| June 12 | No-action relief for converting futures to true perpetuals |
| June 17 | CFTC clears framework for onshore crypto perpetual futures |
| June 22 | Request for comment on oil/energy perpetuals and 24/7 trading |
CME Group is already suing the CFTC, arguing perpetuals are swaps under Dodd-Frank, not futures. The incumbents feel the threat. Crypto’s most profitable invention is coming for their market share.
For Bitcoin, this matters because regulatory legitimization of crypto-native instruments creates a structural floor under the ecosystem. Even if BTC’s price is falling, the infrastructure is winning.
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Ethereum Foundation: 54 Fired, Budget Slashed 40%
Vitalik Buterin announced the most dramatic restructuring in Ethereum Foundation history. The EF fired 54 employees — roughly 20% of its workforce — and will cut annual spending by 40%, targeting a shift from 15% of treasury assets per year to just 5% by 2030.
The changes are sweeping:
- Privacy and Scaling Explorations (PSE) unit — wound down
- Devcon conferences — smaller, less expensive
- ZK research lab — shut down
- Headcount — cut from ~270 to ~216
- Leadership — co-Executive Director Hsiao-Wei Wang resigned, the ninth senior departure since January
Buterin framed it as deliberate: “I respect my EF colleagues far too much to pretend that there was not much that is lost.” But the subtext is clear — the Foundation burned through reserves too fast during 2023–2025, and ETH’s 2026 price decline (now below $1,660) made the math unsustainable.
Solana co-founder Yakovenko had the contrarian take: “Bullish… Budget constraints force prioritization and focus.”
The day before the announcement, five former EF researchers launched Ethlabs, an independent nonprofit research lab backed by Joe Lubin and Anchorage. The talent isn’t leaving the ecosystem — it’s redistributing.
For ETH holders, the restructuring is a near-term headwind (uncertainty, negative headlines) but a long-term positive (sustainable spending, focused execution). The question is whether the market has patience for “long-term” when ETH is already down 70% from its all-time high.
Binance’s MiCA Deadline: 6 Days Left
Binance faces a potential EU exit after reports that its MiCA license application in Greece was rejected. The MiCA transition period ends July 1 — six days from now. Without a license, Binance would need to halt services to EU clients.
Binance disputes the characterization, stating their application was “considered compliant with MiCA requirements.” But the clock is ticking, and the ambiguity is affecting sentiment.
If Binance loses EU access:
- BNB could face significant selling pressure from European holders
- EU trading volume would shift to Coinbase, Kraken, and Bitstamp
- Regulatory precedent would signal MiCA’s enforcement has real teeth
If Binance resolves the issue in time — which remains the most likely outcome given their resources — it becomes a non-event. But the tail risk is worth monitoring this week.
The White House’s Quantum Deadline
In a story that flew under the radar: the White House signed Executive Order 14409 on June 22, ordering all federal systems to transition to post-quantum cryptography by 2030–2031. Digital signatures must use NIST-approved quantum-resistant algorithms by December 31, 2031.
For crypto, the implication is directional: custodial firms and protocol developers will face regulatory pressure to adopt quantum-resistant encryption frameworks. Bitcoin’s SHA-256 and ECDSA aren’t immediately threatened, but the policy window for forced migration has now opened.
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The Scorecard: Where Everything Stands
| Metric | Value | Change |
|---|---|---|
| BTC Price | ~$62,300 | -3.4% (24h) |
| BTC Low | $61,860 | Lowest since June 11 |
| Fear & Greed | 23 | Extreme Fear (unchanged) |
| 24h Liquidations | $700M+ | Mostly longs |
| ETF Flows (June) | -$3.4B+ | 10+ day outflow streak |
| Mining Difficulty | 124.93T | -10% (June 15 adjustment) |
| ETH Price | ~$1,660 | -5% (24h) |
| BNB Price | ~$600 | MiCA uncertainty |
| Oil (Brent) | ~$80/bbl | Stalemate pricing |
The macro backdrop hasn’t improved. The Iran-Hormuz situation remains at 10% of normal shipping capacity. The Fed’s next meeting isn’t until late July. ETF outflows continue. And now the Ethereum Foundation — the second-largest ecosystem’s core organization — is in upheaval.
But under the surface, the CFTC is legitimizing crypto’s core financial innovation. Franklin Templeton just created a dedicated crypto division. SoFi became the first US chartered bank to offer direct digital asset trading. The infrastructure buildout continues even as prices fall.
Every previous cycle, there was a phase where the price was terrible and the fundamentals were improving. We’re in that phase now. The question is how much patience you have — and how low you’re willing to let your cost basis go. Get 20% off with code RATE20 and make every entry count.
Frequently Asked Questions
What is the best Binance referral code in June 2026?
The best Binance referral code is RATE20, which gives you a permanent 20% discount on all trading fees — the maximum available referral discount. This applies to spot, futures, and margin trading. Get 20% off with code RATE20.
Why did Bitcoin drop to $61,860 on June 24, 2026?
Bitcoin fell to $61,860 on June 24, 2026, its lowest since June 11, triggered by the ongoing Iran-Hormuz stalemate, continued ETF outflows exceeding $3.4 billion in June, and rumors of additional Strategy BTC sales. Over $700 million in leveraged long positions were liquidated within 24 hours.
What is the CFTC doing with perpetual contracts in June 2026?
The CFTC is exploring bringing crypto-style perpetual contracts and 24/7 trading to physical commodity markets including crude oil. On June 22, the regulator published a 22-page request for comment after oil traders used decentralized crypto exchange Hyperliquid to hedge during the Hormuz crisis, trading $1.68 billion in tokenized WTI perpetuals in a single weekend.
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This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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