Crypto Liquidation Hits $967 Million, When Will Bitcoin, XRP, Solana Rebound

Crypto liquidation surged to $967 million within 24 hours, caused by sharp declines in Bitcoin, Ethereum, Solana, and XRP.

The market downturn followed heightened investor fear triggered by public tensions between U.S. President Donald Trump and Elon Musk.

While Bitcoin and Ethereum led the sell-offs, investors monitor market signals closely to determine whether a rebound is near or if more pressure lies ahead.

Crypto Liquidations Put Bitcoin, XRP, and Solana Under Pressure

The crypto market experienced intense liquidations on several major coins, with Bitcoin topping the list.

According to data from CoinGlass, $346.83 million in futures contracts were liquidated for Bitcoin, while $279.92 million was liquidated for Ethereum.

Solana and XRP also saw significant losses at $50.72 million and $22.80 million, respectively.

It is worth noting that this heavy wave of selling occurred as tensions escalated between President Trump and his former Special Envoy, Elon Musk.

Earlier in the week, Trump threatened to cut off government subsidies to Musk-led companies.

This immediately triggered a risk-off mood across markets, especially among crypto investors.

Market data showed that Bitcoin briefly dipped to $100,400. As of this writing, market data shows that Bitcoin price was trading at $104,648.22.

Solana price dropped below the $150 mark, trading at $151.49.  XRP lost its footing above the $2.2 support level, now trading around $2.182.

Per this observation, analysts warn that unless the market stabilizes, further liquidations could occur.

CryptoQuant analysts suggest that Bitcoin’s next support is around $97,500. If that level does not hold, prices could fall further.

Open Interest Shows Mixed Signals for Bitcoin and Altcoins

In another news, Open interest data reveals mixed reactions across the market. Bitcoin futures open interest currently stands at 685,730 BTC, valued at $71.28 billion.

The Chicago Mercantile Exchange (CME) leads the market with 148.42 thousand BTC, followed by Binance with 119,170 BTC, based on Glassnode data.

Despite the large volume, the change in open interest remains minimal.

The chart shows only a 0.06% rise in the past hour and 0.31% in four hours. This indicates the uncertainty and a cautious approach from traders.

Elsewhere, OKX reported a 2.82% drop in open interest over 24 hours, suggesting reduced trading activity.

Solana and XRP saw smaller shifts, but the price drop signals that some traders are choosing to step away.

It is essential to say that this decline in interest mirrors broader concerns around macroeconomic factors such as a slowing U.S. job market and fresh tariff discussions.

These external forces continue to weigh heavily on digital assets.

Bitcoin Network Milestone Brings Hope for Market Rebound

It is worth noting that amid the Bitcoin price drop and liquidations, there is a positive development in the Bitcoin network.

On June 6, 2025, Bitcoin reached block height 900,000, a significant milestone for the network.

The block, mined by ViaBTC, confirms the continued strength of the blockchain, which has maintained a 99.98% uptime since its launch in 2009.

If anything, this consistency reinforces the trust placed in the Bitcoin system.

While prices remain under pressure, some market observers believe that thiscr kind of technical progress could help restore investor confidence.

In addition, with a consistent and steady network and improved miner rewards might create conditions for a wider market recovery.

This is especially necessary if external market tensions ease. For now, investors will continue to watch how Bitcoin, Solana, and XRP respond in the coming days.

The post Crypto Liquidation Hits $967 Million, When Will Bitcoin, XRP, Solana Rebound appeared first on The Coin Republic.