Crypto Markets Lose $600M in Leveraged Long Positions in Broad Selloff
On June 24, crypto markets experienced a severe selloff, with over $600 million in leveraged long positions liquidated within hours. Bitcoin and Ethereum were hit hardest, with Bitcoin dropping 4.07% to near $60,585 and Ethereum falling 4.91% to around $1,606. The decline was broad, affecting all major tokens, with Dogecoin losing 5.86%. The selloff was driven by risk-off pressure rather than a single token issue, as evidenced by uniform losses across the board. Liquidation data shows Bitcoin led with $336.47 million in liquidated longs, Ethereum at $188.82 million, and Solana at $39.09 million. Centralized exchanges bore the brunt, with Binance recording $350.58 million in liquidations, followed by Hyperliquid at $147.24 million, Bybit at $120.08 million, Gate at $55.89 million, and OKX at $47.84 million. The Binance BTC/USDT liquidation heatmap reveals dense liquidation clusters overhead between $61,500 and $63,000, which could act as resistance on any rebound. Bitcoin currently sits between an overhead liquidation wall and a thin support floor near $59,700. A reclaim of $63,000 would invalidate the bearish setup, while a loss of $59,700 support could trigger further cascades.
Key facts
- Over $600M in leveraged longs liquidated on June 24.
- Bitcoin dropped 4.07% to near $60,585, Ethereum fell 4.91%.
- Binance led with $350.58M in liquidations; Hyperliquid second at $147.24M.
- Dense liquidation overhead between $61,500 and $63,000 could cap bounces.
- Key support at $59,700; loss may trigger cascading liquidations.