Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out
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- Bitcoin fell below $62,000 in Asian trading, sparking more than $1.5 billion in leveraged crypto liquidations over the next 24 hours.
- CoinGlass reported that over 208,000 traders were liquidated, with Bitcoin losses exceeding $800 million and Ether losses about $386 million.
- U.S. spot bitcoin ETFs logged roughly $1 billion in net outflows this week, extending a record streak of withdrawals.
- Presto Research noted that Bitcoin’s major drawdowns this year have coincided with rallies in gold and AI stocks, reflecting reduced expectations for Federal Reserve rate cuts.
- Presto Research added that Bitcoin’s recovery may hinge on easing inflation concerns and renewed demand for liquidity‑sensitive assets.
Why it matters: Traders with leveraged crypto positions lost more than $1.1 billion, and U.S. spot bitcoin ETF investors pulled about $1 billion, shrinking market liquidity and making it harder for Bitcoin to regain momentum.
