Bitcoin Falls to About $65,000 as Crypto Liquidations Reach $1.8 Billion
ETF outflows, a jump in Bitcoin’s volatility index and weakening futures momentum compounded a liquidation-driven selloff that pushed Bitcoin into the mid-$60,000 range and left traders watching $60,000 support.
Bitcoin fell sharply into the mid-$60,000 range, with reports placing it around $65,000-$67,000 during fast-moving trading, as the broader crypto market saw between $1.33 billion and $1.8 billion in 24-hour liquidations. More than 272,000 traders were liquidated, with roughly $1.58 billion of losses tied to long positions versus about $217 million in short liquidations, highlighting how heavily bullish traders were hit. The selloff was linked to the unwinding of leveraged long positions built near $70,000 and was reinforced by $519 million of net outflows from U.S. spot Bitcoin ETFs on June 2, $90.15 million of outflows from Ether funds, a nearly 20% jump in the Bitcoin Volatility Index to 46.45%, and weakening futures momentum cited by analyst Axel Adler Jr. Traders are now watching whether $60,000 can hold as the next key support level.
- Liquidation: The forced closure of a leveraged trading position when collateral or margin requirements can no longer be met.
- BVIV: The Bitcoin Volatility Index, which tracks expected volatility in Bitcoin and reflects how strongly traders anticipate future price swings.
- Support level: A price area where buying interest may emerge and help stabilize a decline.