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BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
BTC $96,420 +2.34% ETH $3,280 +1.82% SOL $185.40 -0.92% BNB $642.50 +0.45% XRP $2.18 +3.12% DOGE $0.082 -1.50% ADA $1.05 +0.80% AVAX $42.10 +1.15%
06/05/2026

Bitcoin Drops Below $62,000 as $1.5B in Longs Liquidated

What happened: Bitcoin briefly fell to ~$61,655 in Asian trading on June 4, marking its lowest level since before the Iran conflict premium.

Bitcoin Drops Below $62,000 as $1.5B in Longs Liquidated

What happened: Bitcoin briefly fell to ~$61,655 in Asian trading on June 4, marking its lowest level since before the Iran conflict premium. Over $1.5 billion in leveraged long positions were liquidated in 24 hours—about $800 million in BTC longs and $386 million in ETH longs—impacting roughly 272,000 traders. Presto Research links the drawdown to renewed competition from gold and AI stocks, as well as reduced expectations for Federal Reserve rate cuts. US spot BTC ETFs saw about $1 billion in net outflows during the week.

Why it matters: The sharp selloff underscores the fragility of crypto markets amid shifting macroeconomic narratives and rising competition from alternative assets. With bitcoin now trading more than 50% below its October 2025 all-time high near $126,200, the unwinding of leveraged positions and ETF outflows highlight a risk-off environment. The return to pre-Iran conflict price levels suggests that geopolitical risk premiums have also faded, leaving crypto more exposed to global monetary policy and risk sentiment.

Source: CoinDesk