Українська
Русский
English
Bitcoin Drop Below $60,000 Triggers $1.8 Billion in Liquidations in 24 Hours
- Bitcoin fell below $60,000.
- Nearly 350,000 traders lost positions worth more than $1.8 billion in total.
- Analysts are pointing to the possibility of asset accumulation.
During the night of 5–6 June 2026, Bitcoin briefly fell below the $60,000 mark, triggering large-scale liquidations in the derivatives market. According to CoinGlass, positions held by 349,549 traders worth a total of $1.81 billion were forcibly closed over the past 24 hours. The event became one of the largest liquidation cascades of the year and returned Bitcoin to levels last seen in October 2024.
Liquidation volume for futures contracts in the crypto asset market. Source: CoinGlass.
Long-position holders were hit the hardest. Long liquidations totalled $1.42 billion, while short traders lost $393.8 million. The largest single forced liquidation order was recorded on Binance in the BTCUSDT pair, amounting to $13.31 million.
The largest liquidation volumes were recorded on the following platforms:
Binance — $91.99 million;
Hyperliquid — $62.86 million;
Bybit — $22.8 million.
At the same time, more than 94% of all liquidations on Hyperliquid were long positions.
Fear Returns to the Market
Amid Bitcoin’s decline, the Crypto Fear and Greed Index fell to 13 points, corresponding to the “extreme fear” zone. For comparison, just a week earlier, the indicator stood at 61 points, a level characterised as “greed”.
Crypto Fear and Greed Index. Source: CoinStats.
The current drawdown continued the wave of sell-offs that had begun several days earlier. On 4 June, Bitcoin had already fallen to $61,300, which at the time triggered more than $1.6 billion in liquidations. More than 271,000 traders saw their positions forcibly closed.
A similar situation was observed in February 2026, when Bitcoin’s overnight drop to $60,000 led to $2.6 billion in liquidations in 24 hours.
Analysts Look for Bottom Signals
Against the backdrop of the sharp price decline, a number of market participants urged investors to pay attention to long-term indicators.
Analytics resource Barchart noted that Bitcoin had fallen to its 200-week moving average for the first time since 2023.
“Historically, this has been an excellent buying opportunity,” the analysts noted.
At the same time, CryptoQuant experts reported a further decline in the MVRV indicator to 1.19. According to them, a so-called “death cross” has formed between long-term moving averages, which may indicate the final phase of the bear cycle and a gradual transition towards asset accumulation.
MVRV Drops to 1.19: Analysing MA Crosses and Accumulation Zones
“We observed a death cross between the 4000DMA and the 365DMA. While this indicates that there is still a possibility for further downside, it also strongly suggests that we are entering a phase of gradual…”
— CryptoQuant.com (@cryptoquant_com), 5 June 2026
Analysts stressed that although the risk of further decline remains, current values have historically corresponded to zones where a gradual accumulation strategy, or DCA, has shown high effectiveness.
Despite Bitcoin’s collapse, Coinbase CEO Brian Armstrong urged observers not to equate the state of the entire crypto industry with the dynamics of the first cryptocurrency.
“People still think or feel that if Bitcoin falls, the entire crypto industry falls. But derivatives, stablecoins, prediction markets and other segments continue to grow. The crypto market today is much broader than Bitcoin and covers virtually all areas of finance,” he said.
Armstrong also added that “Bitcoin will be doing great” in the long term, while the current correction is just one of the many market cycles the industry has already experienced.
At the time of writing, the asset is trading at $61,082, according to TradingView.
Daily $BTC/USDT chart on the Binance exchange. Source: TradingView.
See also: "Bitcoin Rebounds Above $61,000 After $1.6 Billion Sell-Off"
