Bitcoin drops below $62,000 as $1.5 billion in crypto longs get wiped out

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin drops below $62,000 as $1.5 billion in crypto longs get wiped out Presto Research says bitcoin's drawdowns this year have coincided with rallies in AI stocks and gold as markets scale back expectations for Fed rate cuts. By Sam Reynolds Jun 4, 2026, 2:13 a.m. 1 min read Make preferred on What to know : Bitcoin fell below $62,000 in Hong Kong trading, sparking more than $1.5 billion in leveraged crypto liquidations over 24 hours, including over $800 million in bitcoin and $386 million in ether positions. The sell-off came amid persistent institutional weakness, with U.S. spot bitcoin ETFs seeing about $1 billion in net outflows this week, extending a record streak of withdrawals. Analysts at Presto Research say bitcoin’s slump reflects competition from gold and artificial-intelligence stocks as investors reassess Federal Reserve rate-cut prospects, suggesting a rebound may hinge on easing inflation worries and renewed demand for liquidity-sensitive assets. Bitcoin plunged below $62,000 Thursday morning Hong Kong time , triggering more than $1.5 billion in leveraged crypto liquidations over the past 24 hours as a wave of forced selling accelerated the market's steepest decline in months. More than 208,000 traders were liquidated across crypto markets, according to CoinGlass data , with bitcoin accounting for over $800 million of the losses and ether another $386 million. The liquidation wave coincided with continued weakness in institutional demand. Investors have pulled approximately $1 billion from U.S. spot bitcoin ETFs this week, according to SoSoValue data , extending the funds' record streak of net outflows. Presto Research argued Thursday in a note that bitcoin's weakness may reflect broader competition for investor capital rather than any single crypto-specific catalyst. The firm said bitcoin's major drawdowns this year have coincided with rallies in gold and artificial intelligence stocks as investors scaled back expectations for Federal Reserve rate cuts. If that relationship holds, they argue, bitcoin's recovery may depend less on crypto market developments and more on easing inflation concerns and a renewed shift toward liquidity-sensitive assets. Bitcoin News Markets More For You Bitcoin tanks below $63,000 for the first time since February as price selloff deepens By Omkar Godbole 43 minutes ago The selloff has triggered demand for protective options plays, pushing the fear gauge higher. What to know : Bitcoin fell to about $63,000, its lowest level since February, and is down more than 14% this week and 21% over the past four weeks. The sell-off has driven 30-day implied volatility to its highest level since early April and prompted 13 straight days of outflows from U.S.-listed spot bitcoin... Read full story Latest Crypto News Bitcoin tanks below $63,000 for the first time since February as price selloff deepens 43 minutes ago SpaceX targets record $75 billion IPO as bitcoin treasury and liquidity risks draw focus 3 hours ago Tom Lee's Bitmine borrows a page from Saylor's playbook to offer 9.5% yield in preferred stocks 3 hours ago Bitmine's Ethereum bet nears $9 billion loss as ether falls below $1,800 5 hours ago New DeFi entrant widens field of crypto political campaign funds as elections loom 7 hours ago Bitcoin isn't crashing because of Saylor, it's losing the momentum trade 7 hours ago Top Stories Rare physical bitcoin worth $1.78 million gets cashed in after 12 years 11 hours ago Payment giants Stripe, Visa, Mastercard said to be among backers of soon-to-debut stablecoin platform 14 hours ago Live markets: bitcoin hits weakest level since late March as selling continues 13 hours ago Clarity Act survival depends on the U.S. Senate getting a lot of non-crypto work done 13 hours ago