Tokenization · Bitcoin · CoinDesk
Crypto Long & Short: Infrastructure is the prevailing currency in digital assets
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Key facts
- The heaviest hour of long liquidations, about $28 million, hit on 2 June, with Bitcoin still trading near $68,000
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- Bitcoin fell from around $74,000 to $59,081 in the first week of June
- The forced selling burned out early, near $68,000, and the last leg down to $59,081 was carried by ordinary spot supply, not blown-out leverage
Summary
Welcome to their institutional newsletter, Crypto Long & Short. Regardless of which coin wins, infrastructure is the prevailing currency in digital assets, writes Caue Teixeira, CTO of Nonco. Using CoinDesk's liquidation feed, Alen Pavlović of Liquibit Capital shows how early-June forced selling burned out near $68,000, days and nearly $9,000 above the actual low. “Backpack: Tokenized Equity DEX Volume Spikes, BP Price Responds in Step” in Chart of the Week.