Bitcoin falls below $58,000, briefly hits $57,700 as liquidations mount

The drop to the lowest level since September 2024 coincided with liquidations, thinner liquidity, ETF outflows and defensive options positioning, even as open interest remained elevated at 768,000 BTC.

BTC

27d ago

Fact Check

Every specific element of the claim is corroborated by multiple independent sources. The odaily report (citing CoinDesk) directly confirms the $57,700 intraday low, that it was the lowest since September 2024, and that open interest climbed to 768,000 BTC. CryptoBriefing confirms the sub-$58,000 break amid accelerating leveraged liquidations. Cointelegraph/Talos confirms thinner liquidity, record June 2026 ETF outflows, and deleveraging. The CoinDesk primary source confirms defensive options positioning ($50,000 puts). The convergence of these figures across sources strongly supports the claim.

Summary

Bitcoin fell below $58,000 and briefly touched $57,700, its lowest level since September 2024, before recovering to around $58,800. The selloff was accompanied by liquidation-driven stress, with one report citing $395 million in liquidations while an earlier report said long liquidations had reached $8.35 billion, alongside weaker liquidity conditions including ETF outflows, softer Strategy purchases and thinner market depth. Derivatives data showed mixed but elevated risk: Bitcoin and Ether open interest was reported to have fallen sharply during forced unwinds, while a later snapshot showed Bitcoin open interest at 768,000 BTC. In options markets, Deribit put options traded at a premium to calls across all maturities, signaling defensive positioning.

Terms & Concepts

open interest: Total outstanding derivatives contracts that have not been closed.
long liquidations: Forced closure of leveraged bullish positions, which can accelerate price declines.
put options: Options contracts that gain value when the underlying asset falls, often used for downside protection.