Bitcoin Drops Below $63,000 as Crypto Liquidations Surge Past Hundreds of Millions
Bitcoin fell below $63,000 on June 3, marking its lowest level since February 24. The correction extended Bitcoin’s bearish trend, with BTC losing more than 14% over the past week.
Massive Liquidations Shake the Crypto Market
The sharp decline triggered a wave of liquidations across the crypto market. In the last 24 hours, total liquidations were estimated between $1.1 billion and $1.8 billion.
Long traders were hit the hardest, with more than $945 million in positions liquidated. Bitcoin recorded the largest share of liquidations, with some data showing losses exceeding $800 million.
On a monthly basis, Bitcoin has now declined by more than 21%.
Bitcoin ETFs Continue Seeing Heavy Outflows
Market pressure also came from US spot Bitcoin ETFs, which have recorded 13 consecutive trading days of outflows, totaling around $4.4 billion.
Negative sentiment has been driven by several factors, including institutional selling pressure, concerns over potential BTC distributions linked to the Mt. Gox case, and investors shifting capital toward the rapidly growing Artificial Intelligence (AI) sector.
At the same time, Bitcoin volatility has increased sharply. The 30-day implied volatility climbed to 53.17, its highest level since April 2026.
Key Levels Investors Are Watching
Analysts are closely watching the $60,000 level as Bitcoin’s main support zone. If that level fails to hold, BTC could decline further toward the $50,000 to $52,500 range.
Meanwhile, open interest in Bitcoin futures remains relatively high, meaning the market still faces the risk of another liquidation wave if selling pressure continues.
