On June 4, the price of the leading cryptocurrency fell to $61,351. Amid the negative trend, the market faced a massive wave of long position liquidations.
At the time of writing, digital gold is trading at $63,581.
Following Bitcoin, altcoins also entered the “red zone”: Ethereum tested values below $1800, Solana dropped to $69, and XRP was trading at $1.17.
In the past 24 hours, the volume of forcibly closed positions in the market amounted to about $1.63 billion, with the majority being longs — $1.38 billion.
Delta Exchange analyst Riya Segal, in a comment for The Economic Times, linked the sell-off to a combination of factors: ongoing outflows from spot Bitcoin-ETF, geopolitical instability, and the breach of key support levels, which triggered a cascade of liquidations.
Experts at CoinDesk noted that the $65,000 zone served as an important technical threshold. Holding below this mark opens the way for testing the $60,000 level.
Simultaneously, on the Deribit options exchange, there was a surge in interest in put positions with strikes at $50,000, $55,000, and $65,000, expiring at the end of June.
Additional pressure on the market is exerted by the movement of institutional demand. On June 3, U.S. spot Bitcoin ETFs recorded a net outflow of $396.6 million. The continuous negative trend has persisted since May 15, marking the 13th consecutive session.
Giottus CEO Vikram Subburaj emphasized that the lack of capital inflow into funds deprived the asset of support that contributed to growth earlier in the year.
On June 2, Bitcoin fell below $70,000 amid increasing ETF outflows.