Bitcoin fell below US$62,000 on June 4 in Hong Kong.

The decline triggered more than US$1.5 billion in crypto liquidations over the past 24 hours.

Data from CoinGlass showed that more than 208,000 traders were liquidated. Bitcoin accounted for more than US$800 million in losses, while ether made up another US$386 million.

The selloff coincided with weak institutional demand. US spot bitcoin exchange-traded funds (ETFs) recorded about US$1 billion in net outflows this week.

Presto Research, a Singapore-based trading and research firm, said bitcoin’s weakness may reflect broader competition for investor capital rather than a single crypto-specific catalyst.

The firm said investors have been allocating money to other asset classes.

The firm said bitcoin’s biggest drawdowns this year had coincided with rallies in gold and AI stocks as investors scaled back expectations for US Federal Reserve rate cuts.

🔗 Source: CoinDesk

Recent CoinGlass developments