Bitcoin recently fell below $67,000, with selling pressure coming from multiple directions. In addition to concentrated liquidation of derivatives positions, US spot Bitcoin ETFs continued to experience net outflows, and short-term holders also transferred their tokens to exchanges while at a loss, further amplifying the downward pressure.
24-hour liquidation scale increases
In the past 24 hours, the cryptocurrency market saw a total liquidation of approximately $1.76 billion. Of this, approximately $810.64 million was related to Bitcoin, the vast majority of which came from long positions, amounting to approximately $734.07 million.
According to reports, the liquidation on June 2nd was the largest since the market crash on February 5th. In that previous downturn, long liquidations alone reached $1.844 billion. Large liquidations typically force leveraged positions to be sold off, thus accelerating the price decline.
Spot ETFs continue to see net outflows
Besides derivatives factors, fund flows into spot ETFs are also weakening. Data from Farside Investors shows that US spot Bitcoin ETFs have seen continuous net outflows since May 15, with a cumulative outflow of approximately $3.963 billion over two weeks.
The continuous net outflow indicates that institutional funds have not formed a significant support at the current price level. For the market, this weakens the previous logic of relying on ETF funds to support prices and makes short-term sentiment more likely to turn cautious.
- 24-hour clearing across the entire market: $1.76 billion
- Bitcoin-related liquidations: $810.64 million
- Since May 15, ETFs have seen a cumulative outflow of $3.963 billion.
Short-term holders exit at a loss
On-chain data also shows that short-term holders are concentrating on cutting their losses. Analysts say that approximately 53,800 bitcoins were transferred to exchanges at a loss within 24 hours, representing the most significant one-sided transfer by short-term holders this year.
These sell orders primarily came from buyers who entered the market above $80,000. As prices fell, these funds chose to exit at a loss, reflecting escalating market panic. Increased inflows into exchanges often indicate rising open interest, which will continue to suppress price performance in the short term.
However, similar concentrated stop-loss orders sometimes appear near cyclical lows. Once high leverage and short-term positions are quickly liquidated, market selling pressure may gradually weaken. But the report also notes that this does not mean the bottom has been confirmed; if ETF outflows continue and exchange inflows remain high, Bitcoin may still face further pressure.
