Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out
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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.
Key facts
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
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
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
The liquidation wave coincided with continued weakness in institutional demand
Summary
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. 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.