Leveraged crypto positions totaling $1.5 billion were wiped out in 24 hours as bitcoin fell below $62,000 amid ETF outflows.
Bitcoin dropped below $62,000 in Asian trading, triggering $1.5 billion in crypto liquidations over the past day. More than $800 million in bitcoin and $386 million in ether positions were forced closed as prices extended a sharp decline.
The sell-off followed $1 billion in net outflows from U.S. spot bitcoin ETFs this week, marking a record streak of withdrawals. Analysts link the weakness to shifting investor focus toward AI stocks and gold as expectations for Federal Reserve rate cuts fade.
Over 208,000 traders faced liquidations, according to data, as institutional demand remained subdued. A rebound may depend on easing inflation concerns and renewed appetite for liquidity-sensitive assets.