Daily Crypto Roundup: Bitcoin Under Pressure, XRP Holds Strong & Europe’s MiCA Deadline Hits

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Welcome back to the Daily Crypto Roundup. This is your Daily Crypto Roundup, and today we are switching the tone slightly because the market is not giving us a clean green day, but it is giving us a very important day. This is not just a Bitcoin price story. This is a flow story, a regulation story, a stablecoin story, and a story about which parts of crypto are still attracting money while the rest of the market is under pressure.
At the time of recording, Bitcoin is trading around $59,947.
Ethereum is around $1,612.
XRP is around $1.05. Solana is around $76.52. And BNB is around $551.
Bitcoin has bounced from the worst levels of the day, but the bigger picture is still fragile. The market is trying to claw back some confidence, but traders are clearly not relaxed yet. Before we get into it, this episode is brought to you by Kraken. As always, this is not financial advice, but if you are looking for a trusted place to buy, sell or manage your crypto, check out the Kraken link in the description and support the show at the same time.
The main story today is Bitcoin falling back into the danger zone after a brutal June.
Bitcoin traded below $59,000 earlier, and the latest data shows June was the worst month for Bitcoin ETFs since the products launched. Around $4.5 billion left US spot Bitcoin ETFs in June, and that matters because these funds have been one of the biggest engines of this cycle. When they are taking money in, the market gets a very clear institutional tailwind. When they start bleeding money, especially for days in a row, the whole mood changes. That is why the $58,000 to $60,000 area is now so important. This is not just a random chart level. It is where traders are trying to work out whether Bitcoin is building a base, or whether the next leg down opens up toward $50,000.
The big worry is that Bitcoin has now broken below some of the long-term levels that people normally watch during cycle stress. That does not automatically mean the bull market is dead, but it does mean the bulls have lost control of the short-term structure.
The other issue is that the bounce so far looks more like relief than strength. Bitcoin dipped toward $57,700, then recovered toward the high $58,000 and $59,000. That is better than a full collapse, obviously, but the derivatives market still looks nervous. Options traders have been paying more for downside protection, and there has been notable demand around $50,000 Bitcoin put options for later in the quarter.
In plain English, some serious traders are not just hedging for a tiny pullback. They are preparing for the possibility of another meaningful drop. That brings us to one of the biggest institutional signals of the day.
Citi has cut its 12-month targets for both Bitcoin and Ethereum.
Bitcoin's target was lowered to $82,000 and Ethereum's was lowered to $2,240.
Now those numbers are still higher than where the market trades today, so this is not a call for total disaster. But the direction matters. The bank has gone from expecting stronger ETF demand to now expecting much weaker flows, and that is exactly the problem the market is wrestling with.
The key line here is that ETF flows have gone from being the big bullish driver to being the big question mark. If the money comes back into Bitcoin ETFs, the market can recover quickly. If the outflows continue, the pressure stays on, because spot demand has to absorb sellers without that same institutional support. And when confidence is already weak, every red day in the ETF data starts to feel bigger than it normally would. But today is not all negative. One of the more interesting parts of the market is that money is still flowing into selected crypto products. XRP and Hyperliquid's hype have stood out while Bitcoin and Ethereum funds have been under pressure. XRP-linked funds brought in around 59.4 million dollars in June, marking a third straight month of net inflows. Hype funds attracted even more, around 161 million dollars in June. That tells us the market has not completely abandoned crypto. It has become pickier. Investors are not just buying everything with a ticker anymore. They are choosing specific narratives. For XRP, the focus is still payments, ETF demand, and whether institutional settlement activity can eventually feed through into the token. For hype, the attraction is tied to Hyperliquid's growth as a trading venue, and the fact that it continues to generate serious protocol fees even during a weak market. XRP itself is still sitting near the $1.05 area, and the $1 level is the obvious line everyone is watching. If XRP can keep holding that area, then the argument for accumulation remains alive. If it loses $1 properly, the chart starts to look much more vulnerable.