Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out
Key takeaways
- More than 208,000 traders were liquidated across crypto markets, according to CoinGlass data, with bitcoin accounting for over $800 million of the losses and ether another $386 million.
- The liquidation wave coincided with continued weakness in institutional demand.
- Presto Research argued Thursday in a note that bitcoin's weakness may reflect broader competition for investor capital rather than any single crypto-specific catalyst.
Published Jun 4, 2026, 2:13 a.m. 1 min read Make preferred on What to know: Bitcoin fell below $62,000 in Asia trading, sparking more than $1.5 billion in leveraged crypto liquidations over 24 hours, including over $800 million in bitcoin and $386 million in ether positions.The selloff came amid persistent institutional weakness, with U.S. spot bitcoin ETFs seeing about $1 billion in net outflows this week, extending a record streak of withdrawals.Analysts at Presto Research say bitcoin’s slump reflects competition from gold and artificial-intelligence stocks as investors reassess Federal Reserve rate-cut prospects, suggesting a rebound may hinge on easing inflation worries and renewed demand for liquidity-sensitive assets.Bitcoin briefly plunged below $62,000 Thursday morning Hong Kong time, triggering more than $1.5 billion in leveraged crypto liquidations over the past 24 hours as a wave of forced selling accelerated the market's steepest decline in months.
More than 208,000 traders were liquidated across crypto markets, according to CoinGlass data, with bitcoin accounting for over $800 million of the losses and ether another $386 million.
The liquidation wave coincided with continued weakness in institutional demand. Investors have pulled approximately $1 billion from U.S. spot bitcoin ETFs this week, according to SoSoValue data, extending the funds' record streak of net outflows.