{"id":74544,"date":"2026-06-25T16:57:37","date_gmt":"2026-06-25T16:57:37","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/former-fidelity-executive-says-south-korean-indexs-10-crash-pulled-btc-below-60000\/"},"modified":"2026-06-25T16:57:37","modified_gmt":"2026-06-25T16:57:37","slug":"former-fidelity-executive-says-south-korean-indexs-10-crash-pulled-btc-below-60000","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/former-fidelity-executive-says-south-korean-indexs-10-crash-pulled-btc-below-60000\/","title":{"rendered":"Former Fidelity Executive Says South Korean Index\u2019s 10% Crash Pulled BTC Below $60,000"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Kospi\u2019s 8% drop and BTC\u2019s fall to $59,018 show global tech contagion, per Mike McCluskey.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Nvidia and Micron pullbacks drove $700M liquidations as ETF outflows eased mid\u2011week.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Strive\u2019s BTC buys and the 200\u2011week MA signal support ahead of Friday\u2019s $60K expiry test.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2>The Seoul-to-Nasdaq Contagion<\/h2>\n<p>On Tuesday, June 23, the South Korean index, Kospi, plunged by more than 8%, triggering a Level 1 circuit breaker. The sharp drop was attributed to a severe global semiconductor <a href=\"https:\/\/news.bitcoin.com\/5-market-signals-reveal-how-ai-stocks-oil-and-bitcoin-shook-wall-street-37856\/\">stock correction<\/a>, heavy retail margin liquidations and massive foreign capital outflows. On the same day, <span>bitcoin<\/span> also plummeted from over $64,000 to under $62,000, a drop that some analysts attributed to souring investor sentiment.<\/p>\n<p>While the slide continued into Wednesday, Mike McCluskey, co-founder of Tx and a former Fidelity executive, insists the sell-off of tech stocks in Seoul precipitated <span>bitcoin<\/span>\u2019s downtrend, which ultimately saw it <a href=\"https:\/\/news.bitcoin.com\/bitcoin-hits-59018-after-a-5-drop-forcing-237m-in-long-liquidations\/\">drop<\/a> to $59,018.<\/p>\n<p>\u201cThe <span>volatility<\/span> defining <span>bitcoin<\/span>\u2019s recent trajectory is largely an external phenomenon. We are observing a classic risk-off contagion, originating from a severe semiconductor correction in Seoul (where the Kospi\u2019s 10% plunge triggered circuit breakers) and migrating directly into the Nasdaq. With AI and chip leaders like Nvidia and Micron facing substantial pullbacks, <span>bitcoin<\/span>\u2019s slide toward the $62,000 level is primarily a function of its high-beta relationship to tech equities rather than a localized narrative,\u201d McCluskey argued.<\/p>\n<p>Despite the $700 million in long liquidations, funding rates remained \u201cremarkably neutral\u201d throughout the descent. According to McCluskey, this likely means that <span>leverage<\/span> was not excessively front-run. Instead of a structural failure, he argues that the market is witnessing a situation \u201cwith fragile conviction being interrogated by an exogenous risk event, rather than a breakdown in crypto-native fundamentals.\u201d<\/p>\n<p>Following the plunge, <span>bitcoin<\/span> climbed back above $61,500 and at one point (3:44 a.m. EDT) appeared poised to test the $62,000 mark before losing momentum. The <span>volatility<\/span> of the top <span>cryptocurrency<\/span> and the broader <span>crypto<\/span> economy saw liquidations mount to $1 billion by Thursday morning. Some analysts warned of a further decline for <span>bitcoin<\/span> in the near future, especially given continuing outflows from exchange-traded funds.<\/p>\n<p>However, McCluskey noted that even as outflows persist, their magnitude has somewhat diminished, suggesting that institutional investors are buying again.<\/p>\n<p>\u201cConversely, entities like Strive and Strategy utilized the dip to increase their holdings by several hundred <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">BTC<\/a>, signaling that sophisticated buyers are stepping in as sentiment hits extreme fear. <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">Bitcoin<\/a>\u2019s current proximity to its 200-week moving average further reinforces this, as this level has historically served as a critical psychological and technical floor,\u201d he said.<\/p>\n<p>Looking ahead, McCluskey said confirmation of robust artificial intelligence infrastructure demand would be the most immediate stabilizer for the risk-off impulse currently weighing on digital assets.<\/p>\n<p>\u201cConversely, a disappointment there ensures that <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> continues to trade as a proxy for the chip sector\u2019s turbulence. Into the Friday expiry, the $60,000 threshold remains the definitive line in the sand. Given the heavy put concentration at this strike, a successful defense would confirm that dip buyers maintain control; a breach, however, would likely accelerate the downside in this thin <a href=\"http:\/\/www.bitcoin.com\/get-started\/what-is-liquidity\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">liquidity<\/a> environment,\u201d the former Fidelity executive said.<\/p>\n<div class=\"not-prose my-3 lg:my-4\"><a aria-label=\"Read Now: Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto\" class=\"block overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] no-underline focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-[#4169E1] focus-visible:ring-offset-2 flex flex-col md:hidden\" href=\"https:\/\/news.bitcoin.com\/bitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto\/\"><\/p>\n<div class=\"relative aspect-video w-full overflow-hidden rounded-[15px]\"><\/p>\n<h3 class=\"absolute inset-x-0 bottom-0 m-0 p-3 text-xl font-bold capitalize leading-[1.17] tracking-[-0.4px] !text-white\">Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto<\/h3>\n<\/div>\n<div class=\"flex flex-col gap-2.5 px-1 pt-2.5 pb-1\">\n<p class=\"m-0 line-clamp-2 text-xs leading-[1.3] !text-[#67656E]\">Bitcoin dropped roughly 3.6% in 24 hours, hitting an intraday low of $61,860 before finding support just above $62,000.This slide\u2026<\/p>\n<p><span aria-hidden=\"true\" class=\"flex items-center justify-center rounded-pill bg-[#4169E1] text-sm font-medium text-white h-[38px] w-full\">Read Now<\/span><\/div>\n<p><\/a><a aria-label=\"Read Now: Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto\" class=\"block overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] no-underline focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-[#4169E1] focus-visible:ring-offset-2 hidden md:flex md:flex-row md:gap-3 lg:hidden\" href=\"https:\/\/news.bitcoin.com\/bitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto\/\"><\/p>\n<div class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\"><img alt=\"Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<\/div>\n<div class=\"flex min-w-0 flex-1 flex-col justify-between gap-2\">\n<h3 class=\"m-0 line-clamp-3 text-xl font-bold capitalize leading-[1.17] tracking-[-0.4px] !text-[#1C1C1C]\">Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto<\/h3>\n<p class=\"m-0 line-clamp-2 text-sm leading-[1.3] !text-[#67656E]\">Bitcoin dropped roughly 3.6% in 24 hours, hitting an intraday low of $61,860 before finding support just above $62,000.This slide\u2026<\/p>\n<p><span aria-hidden=\"true\" class=\"flex items-center justify-center rounded-pill bg-[#4169E1] text-sm font-medium text-white h-[38px] w-full\">Read Now<\/span><\/div>\n<p><\/a><a aria-label=\"Read Now: Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto\" class=\"block overflow-hidden rounded-lg !bg-[#E8EDFA] p-[9px] no-underline focus-visible:outline-none focus-visible:ring-2 focus-visible:ring-[#4169E1] focus-visible:ring-offset-2 hidden lg:flex lg:flex-row lg:gap-4\" href=\"https:\/\/news.bitcoin.com\/bitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto\/\"><\/p>\n<div class=\"relative size-[150px] min-w-[150px] shrink-0 overflow-hidden rounded-[15px]\"><img alt=\"Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto\" loading=\"lazy\" decoding=\"async\" data-nimg=\"fill\" class=\"object-cover\" style=\"position:absolute;height:100%;width:100%;left:0;top:0;right:0;bottom:0;color:transparent\" sizes=\"150px\" srcset=\"\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=32&amp;q=75 32w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=48&amp;q=75 48w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=64&amp;q=75 64w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=128&amp;q=75 128w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=256&amp;q=75 256w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=384&amp;q=75 384w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=640&amp;q=75 640w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=828&amp;q=75 828w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1080&amp;q=75 1080w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1200&amp;q=75 1200w, \/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1920&amp;q=75 1920w\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=https%3A%2F%2Fstatic.news.bitcoin.com%2Fwp-content%2Fuploads%2F2026%2F06%2Fbitcoin-traders-defend-62000-support-as-171m-liquidation-wave-hits-top-crypto-150x150.png&amp;w=1920&amp;q=75\"\/><\/p>\n<div class=\"absolute left-2 top-2\"><img alt=\"Bitcoin.com News\" loading=\"lazy\" width=\"28\" height=\"28\" decoding=\"async\" data-nimg=\"1\" class=\"size-7\" style=\"color:transparent\" srcset=\"\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=32&amp;q=75 1x, \/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75 2x\" src=\"https:\/\/news.bitcoin.com\/_next\/image\/?url=%2Fimages%2Fuploads%2Fbitcoin_news_newlogo.svg&amp;w=64&amp;q=75\"\/><\/div>\n<\/div>\n<div class=\"flex min-w-0 flex-1 flex-col justify-center gap-2\">\n<p><h3 class=\"m-0 min-w-0 flex-1 line-clamp-2 text-2xl font-bold capitalize leading-[1.17] tracking-[-0.48px] !text-[#1C1C1C]\">Bitcoin Traders Defend $62,000 Support as $171M Liquidation Wave Hits Top Crypto<\/h3>\n<p><span aria-hidden=\"true\" class=\"flex items-center justify-center rounded-pill bg-[#4169E1] text-sm font-medium text-white h-12 w-[180px] shrink-0\">Read Now<\/span><\/p>\n<p class=\"m-0 line-clamp-2 text-base leading-[1.3] !text-[#67656E]\">Bitcoin dropped roughly 3.6% in 24 hours, hitting an intraday low of $61,860 before finding support just above $62,000.This slide\u2026<\/p>\n<\/div>\n<p><\/a><\/div>\n<\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/former-fidelity-executive-says-south-korean-indexs-10-crash-pulled-btc-below-60000\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Kospi\u2019s 8% drop and BTC\u2019s fall to $59,018 show global tech contagion, per Mike McCluskey. Nvidia and Micron pullbacks drove $700M liquidations as ETF outflows eased mid\u2011week. Strive\u2019s BTC buys and the 200\u2011week MA signal support ahead of Friday\u2019s $60K expiry test. The Seoul-to-Nasdaq Contagion On [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":74545,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74544"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=74544"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/74544\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/74545"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=74544"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=74544"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=74544"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}