Bitcoin Dips Under $61,500; Crypto Liquidations Top $1.1B

CoinDesk reports that Bitcoin sold off sharply in Wednesday trading, sliding below $61,500 within about an hour before rebounding above $64,000. The move marked the first drop under $63,000 since Feb. 24 and set off broad forced unwinds in leveraged positions. Across the past 24 hours, total leveraged liquidations in the crypto market exceeded $1.1 billion. Ethereum fell more steeply, touching roughly $1,732 during the session as traders generally cut risk. Institutional flows added to the pressure. On-chain tracker Hupzy said Abraxas Capital sold 2,469 BTC in the last 24 hours, worth about $166 million at an average price of $67,210. Of that total, 1,469 BTC was sent to Kraken, and $22.7 million in USDC was withdrawn. Lookonchain also reported activity tied to Mt. Gox: associated wallets moved 116.3 BTC to Bitstamp, valued at about $8.16 million. The size is modest, but transfers from those addresses tend to draw outsized market attention. Views on the pullback remain split. Peter Schiff said Bitcoin briefly found support near $61,000 before bouncing, though he questioned the durability of the rebound. Benjamin Cowen argued that if enthusiasm for new stock offerings in traditional markets fades, capital could rotate back into Bitcoin.