Bitcoin slid below $63,000 on June 3, hitting its lowest price since February 24. The drop wiped out more than $150M in long positions and capped a brutal stretch that’s seen the asset shed over 14% in a single week.

The liquidation cascade

Total crypto liquidations across the market ranged between $1.1B and $1.8B within a 24-hour window, depending on the data source. Long positions bore the overwhelming brunt of the pain, with estimates suggesting over $945M in longs were forcibly closed.

Bitcoin alone accounted for hundreds of millions in liquidated positions, exceeding $800M in at least one dataset.

Bitcoin has now fallen more than 21% over the past month.

ETF outflows paint a grim picture

US spot Bitcoin ETFs have been bleeding capital for 13 consecutive trading days heading into early June. The total damage: roughly $4.4B in outflows.

Several factors appear to be driving the exodus. Strategy rebalancing by large holders has contributed to selling pressure, while lingering concerns about potential distributions tied to the Mt. Gox incident continue to hang over the market. Geopolitical dynamics have pushed investor interest toward artificial intelligence and related sectors, creating a dual challenge for crypto markets.

Bitcoin’s 30-day implied volatility climbed to 53.17, its highest reading since early April 2026.

What this means for investors

Analysts are watching the $60,000 level as the next critical line of defense. Some market watchers have flagged the $50,000 to $52,500 range as the next potential landing zone if $60,000 breaks.

Open interest in Bitcoin futures remains elevated relative to historical norms during drawdowns, meaning there’s still fuel for another liquidation cascade if prices continue to fall.