Bitcoin briefly drops below $62,000 as $1.5 billion in crypto longs get wiped out
Bitcoin fell below $62,000, triggering more than $1.5 billion in crypto liquidations in 24 hours as forced selling deepened the market’s sharpest slide in months. Over 208,000 traders were liquidated, with bitcoin accounting for over $800 million and ether about $386 million of losses. The drop also came amid weak institutional demand, as U.S. spot bitcoin ETFs saw roughly $1 billion in net outflows this week, extending a record streak. A research note suggested bitcoin’s weakness may be less about crypto-specific factors and more about competition for investor capital, especially as gold and AI stocks have risen when expectations for Fed rate cuts have faded. Recovery may depend on easing inflation worries and a renewed appetite for liquidity-sensitive assets.
