Over $5.3 billion in leveraged long positions have been liquidated across crypto derivatives markets since Monday, with Friday alone accounting for roughly $1.4 billion as bitcoin (BTC) plunged below $60,000 for the first time since October 2024. Altcoins suffered even steeper losses, with ether (ETH) dropping 10% to $1,596. The liquidation cascade rivals the late January-early February selloff when bitcoin fell from $90,000 to $60,000. Analysts note that such capitulation events often flush out leverage and weaker hands, potentially setting the stage for a durable reset, though uncertainty remains. Dip-buyers stepped in after the plunge, pushing bitcoin back to $61,200. The selloff was exacerbated by a broader risk-off move in U.S. stocks, with the Nasdaq falling nearly 4% on Friday after a strong May jobs report increased expectations for Federal Reserve rate hikes. Glassnode data showed retail investors holding less than 1 BTC accumulating for the first time since December 2025, signaling renewed buying interest at lower levels.

Key facts

• Over $5.3B in long positions liquidated across crypto derivatives since Monday.
• Bitcoin fell below $60,000 for first time since October 2024, then bounced to $61,200.
• Altcoins hit harder: ether down 10% to $1,596, ETHBTC ratio at year-to-date low.
• Glassnode shows retail (<1 BTC) accumulating for first time since December 2025.
• Strong May jobs report fuels Fed rate hike fears, dragging Nasdaq down 4%.

KeyAudit data perspective