Bitcoin Falls Toward $62K as Crypto Liquidations Top $716 Million

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Bitcoin (BTC) extended its latest pullback on June 23, and slid from above $65K to around $62K as a wave of long liquidations swept through the crypto market. The wider selloff erased hundreds of millions of dollars in leveraged positions, and Bitcoin and Ethereum (ETH) account for the largest losses. Though several factors continue weighing on sentiment, liquidation data suggests the latest move was largely driven by leveraged longs getting flushed out as prices broke lower.

Bitcoin Falls Toward $62K After Failing to Hold Rally

Indeed, Bitcoin climbed above $65,000 earlier in the session before sellers regained control, sending the cryptocurrency steadily lower throughout the day. According to the latest market data, BTC briefly dipped below $62,000 before recovering slightly to trade around $62,000, leaving it down about 3% over the past 24 hours.

The weakness spread across the general market, though declines among major cryptocurrencies were relatively contained compared with Bitcoin. Ethereum slipped below $1,700, and Solana (SOL) traded around $70 after another weak session. Most large-cap cryptocurrencies also remained in negative territory.

The failed breakout above $65,000 comes after Bitcoin spent much of the weekend consolidating around $64,000 before sellers returned early on June 22.

Crypto Liquidations Surge Past $716 Million

The sharp move lower triggered another large liquidation event across leveraged crypto markets. According to the latest CoinGlass data, 144,574 traders went through liquidations over the past 24 hours, and total liquidations have reached $716.1 million.

Long positions accounted for the overwhelming majority of losses, including 24-hour liquidations of $716.1 million, long liquidations of $597.3 million, and short liquidations amounting to $118.8 million.

Bitcoin led all assets with approximately $215 million in liquidations, followed by Ethereum at $176.6 million. Solana ranked next with around $30.8 million, whereas Hyperliquid’s HYPE token recorded around $15.9 million.

Looking at shorter timeframes, the selloff remained heavily skewed toward bullish traders. During the past 12 hours, liquidations totaled $508.9 million, including nearly $487.5 million from long positions. Over the past four hours, another $365 million in leveraged positions disappeared with almost all of those losses coming from longs.

CoinGlass also reported that the largest single liquidation occurred on Hyperliquid’s ETH-USD market, where one position worth approximately $14.1 million suffered liquidation.

The latest liquidation cascade highlights how quickly leverage can amplify Bitcoin’s price swings once key support levels give way, and force automated liquidations that add further selling pressure to the market.

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