Bitcoin’s Massive Plunge Toward $61K Leaves Over $1.6B in Liquidations

Bitcoin’s price decline from earlier this week was not a one-time thing, as the asset’s troubles intensified in the past 12 hours or so with another fresh nosedive to a multi-month low.

BTC dragged most alts with it, liquidating more than 270,000 over-leveraged traders in the process.

The Drop

It now feels like an eternity, but just a few weeks ago bitcoin stood high at $82,000 before its mind-blowing downhill run began. As reported earlier this week, the situation worsened at the start of June with a nosedive to just over $65,000. BTC managed to recover some ground and stood at $67,000 yesterday before the bears took complete control of the market earlier this morning.

As the chart below demonstrates, bitcoin slumped to just over $61,000 on Bitstamp (and other exchanges), for the first time in four months. In early February, it plunged to $60,000, which many analysts believed was the ultimately low during this bear cycle. Now, though, the landscape looks different.

As Crypto Fabrik noted, the bears appear in total control, and the popular analyst predicted another leg down that can drive BTC to and under $55,000.

The altcoins were not spared. Ethereum dumped to a 14-month low earlier today at just over $1,700. Some analysts, though, speculated that this might be a proper buy-the-dip opportunity.

Aside from HYPE, which appears to be defying the overall market crash, most other alts are down by over 5%. Some, such as TON, have dumped by more than 12% daily.

Liquidations Rocket

This intense volatility has, expectedly, led to a sharp uptick in the total value of wrecked positions. Data on CoinGlass shows that more than 270,000 traders have been wiped out in the past 24 hours, while the actual liquidated value is up to $1.61 billion within the same timeframe.

Longs are responsible for the lion’s share ($1.35 billion). Bitcoin’s liquidations are also the highest by a large margin (2x that of ETH’s), with more than $735 million in longs being wiped out daily.

The single-largest liquidation took place on Hyperliquid and was worth north of $16 million.

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