Bitcoin Liquidations Top $1B as BTC Slides Under $68K

After losing the crucial support at $70,000, bitcoin's situation has only worsened, with a fresh dive to a new multi-month low. While many alts are in the red as well, their losses are less dramatic, and BTC's dominance has actually declined further. As the kids say: not great.

BTCUSD June 2. Source: TradingView

The chart above illustrates bitcoin's dire state on multiple scales. On a larger one, it shows the asset stood above $82,000 a few weeks ago before being rejected and driven south hard. On a more micro scale, the chart suggests BTC entered June yesterday at $74,000, and its crash to $67,500 minutes ago represents a $6,500 decline in roughly 40 hours. Worth noting: the cryptocurrency hasn't traded at such low levels in almost two months.

Most analysts have followed the broader bearish sentiment, indicating bitcoin could soon tank to $65,000 or even lower. Meanwhile, bitcoin's dominance over the market has slumped to under 56% on CoinGecko, down over 1% in a day and more than 2% in the past week alone. The dominance metric continues its quiet little rebellion.

Although most alts are in the red now as well, many of them have fared better than BTC. This has sparked some speculation that Strategy's decision to sell a small portion of its bitcoin holdings might be among the reasons behind the asset's particularly painful decline. Theories abound when things go down this fast.

You may also like: These Altcoins Explode by Double Digits as Bitcoin Price Dips Below $73,000: Market Watch / Bitcoin Hits $70K After Losing Key Cost Basis Zone as Analysts Warn of Deeper Drawdown / Bitcoin's Price Drops Toward $71K as Total Liquidations Surpass $500 Million

Given the market's state and the quick pace at which BTC is crashing, it's no surprise the total value of wrecked positions has skyrocketed. Data from CoinGlass shows just over $1 billion worth of leveraged positions have been wiped out in the past day, with longs responsible for 90%. More than 170,000 traders have been wrecked, while the single-largest liquidation order took place on Hyperliquid and was worth north of $27 million. Tough day for the overconfident.

Liquidation Data on CoinGlass