Bitcoin’s fall below $70,000 sparks widespread liquidations, but select altcoins surge on AI and cash-flow narratives.
Bitcoin dropped below $70,000 for the first time in eight weeks, triggering $714 million in liquidations as leveraged positions unwound. The decline pushed the cryptocurrency to a low of $69,034, marking a 4% drop over 24 hours.
Despite the broader risk-off sentiment, altcoins NEAR Protocol, Worldcoin, and Internet Computer posted double-digit gains, rising 15%, 12%, and 11% respectively. Analysts link the divergence to capital rotating from legacy ETFs into assets with AI or cash-flow narratives. Hyperliquid dipped slightly from its record high of $75.46 but remains up 125% over the past year.
The liquidation cascade followed a sharp risk-off move earlier in June, with $650 million wiped out on June 1 alone. Bitcoin’s slide contrasts with the resilience of select altcoins, though the overall crypto market remains under pressure.