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Bitcoin<a href="https://yellow.com/asset/btc" rel="noopener noreferrer nofollow">(BTC)</a> slid <a href="https://yellow.com/news/bitcoin-eyes-60k-drop-six-figures" rel="noopener noreferrer nofollow">below $62,000</a> on Thursday, triggering more than $1.5 billion in leveraged crypto liquidations over 24 hours as forced selling deepened its steepest drop in months.
<h2 id="key-points">Key Points:</h2>
<blockquote>
 <ul>
 <li>Bitcoin fell under $62,000 in Asia trading, its weakest level in months.</li>
 <li>More than $1.5 billion in leveraged positions were liquidated within a single day.</li>
 <li>Spot Bitcoin ETFs lost roughly $1 billion this week, extending a record outflow streak.</li>
 </ul>
</blockquote>
<h2 id="bitcoin-liquidations-top-1-5b">Bitcoin Liquidations Top $1.5B</h2>
The token slipped under the level early Thursday in Asia, its weakest reading since February, as a cascade of forced selling <a href="https://news.bitcoin.com/1-2b-liquidated-as-bitcoin-tests-62-5k-support-amid-sharp-crypto-selloff/" rel="noopener noreferrer nofollow">accelerated</a> the rout.
Long positions absorbed nearly all of the damage. Bitcoin bets alone made up more than $800 million in those losses, and prices traded down close to 5% on the day before briefly steadying.
Ether<a href="https://yellow.com/asset/eth" rel="noopener noreferrer nofollow">(ETH)</a> traders saw another $386 million wiped out, and most large tokens fell in step. Solana<a href="https://yellow.com/asset/sol" rel="noopener noreferrer nofollow">(SOL)</a> and other large caps posted steeper percentage losses, while the $60,000 mark moved within striking distance.
The slide extended a punishing run for institutional demand. U.S. spot Bitcoin exchange-traded funds <a href="https://www.coindesk.com/markets/2026/06/04/bitcoin-drops-below-usd62-000-as-usd1-5-billion-in-crypto-longs-get-wiped-out" rel="noopener noreferrer nofollow">drained</a> roughly $1 billion this week, stretching their longest streak of net outflows on record. May proved the worst single month of 2026 for those products.
Also Read:<a href="https://yellow.com/news/microsoft-new-ai-models-anthropic-challenge-2026" rel="noopener noreferrer nofollow">Microsoft Releases New AI Models To Challenge Anthropic's Business Push</a>
<h2 id="presto-research-cites-ai-rotation">Presto Research Cites AI Rotation</h2>
Analysts at Presto Research<a href="https://www.coindesk.com/tech/2026/06/03/live-markets-bitcoin-crashes-to-usd62-000-as-billions-of-longs-get-liquidated" rel="noopener noreferrer nofollow">tied</a> the selloff to a broader rotation, with traders favoring gold and artificial-intelligence stocks over crypto. The firm said this year's sharpest drawdowns lined up with rallies in those assets as investors trimmed bets on Federal Reserve rate cuts. Pending listings from large technology firms have pulled speculative money further from the sector.
A lasting rebound, by that view, may depend more on cooling inflation and renewed appetite for liquidity-sensitive assets than on any crypto headline.
Other observers pointed to leverage and souring sentiment. Speculation over old <a href="https://yellow.com/news/mt-gox-10306-bitcoin-traders-theories" rel="noopener noreferrer nofollow">Mt. Gox coin movements</a> added to the unease. "BTC at $50k is a level some are starting to talk about," Paul Howard of liquidity provider Wincent<a href="https://www.coindesk.com/markets/2026/06/04/bitcoin-selloff-continues-as-prices-slide-below-usd63-000-for-the-first-time-since-february" rel="noopener noreferrer nofollow">wrote</a> in a note.
The rout leaves Bitcoin roughly 51% beneath the record $126,277 it <a href="https://bitcoinmagazine.com/markets/bitcoin-price-plunges-below-62000-erasing-months-of-recovery-as-sell-off-accelerates" rel="noopener noreferrer nofollow">reached</a> in October 2025. It caps weeks of pressure that built after <a href="https://yellow.com/news/saylor-breaks-never-sell-vow-bitcoin" rel="noopener noreferrer nofollow">Strategy disclosed its first net reduction of Bitcoin</a> in years, generating about $2.5 million from a sale at an average near $77,135 per coin. That move broke from Michael Saylor's long-standing refusal to sell, and it unsettled traders even though the firm still <a href="https://yellow.com/news/strategy-bitcoin-may-spree" rel="noopener noreferrer nofollow">holds more than 818,000 coins</a>.
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Bitcoin Briefly Slips Under $62K As Liquidations Sweep The Market

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