Bitcoin Hits Multi-Month Low Near $65,000 as $1.8B in Crypto Liquidations Rip Through Market
Bitcoin extended its June selloff to a multi-month low, sliding to around $65,300 before stabilizing and rebounding modestly toward $67,000.
The latest leg down followed a rapid deterioration in market structure: BTC first slipped from the $80,000 level at the end of May, failed to regain traction around $74,000, and then broke below $70,000.
Pressure is no longer confined to Bitcoin's price. Total crypto market capitalization contracted into a roughly $2.32 trillion to $2.4 trillion range, while Bitcoin's dominance fell under 56%, signaling increasingly uneven stress across the broader market.
Derivatives bore the brunt of the move. Liquidations across crypto reached $1.8 billion over 24 hours, including $1.5 billion in long positions and $300 million in shorts. Bitcoin accounted for $846 million of the total as leveraged bulls were forced out. BTC was down 4.17% on the day and 11.7% on the week, even after bouncing from below $66,000.
ETF flows added to the strain. Spot Bitcoin ETFs posted $519 million in net outflows on June 2, extending withdrawals to a record 12 consecutive days. BlackRock's IBIT led the selling with nearly $389 million in outflows, followed by Fidelity's FBTC at about $45 million and Grayscale's GBTC at more than $83 million. Ethereum ETF products also saw roughly $90 million in outflows, pointing to institutional caution rather than aggressive dip-buying.
Altcoins sent mixed signals. Ether fell below $1,900, Solana traded near $75 after a similar daily decline, and XRP briefly dipped to $1.20 before recovering to $1.24. Still, DEXE and ENA jumped more than 20%, while ONDO, WLD, and VVV notched double-digit gains.
Flows into niche products underscored selective risk-taking: Solana ETFs drew $6.5 million and Hyperliquid products added $3.1 million. Sentiment remained weak, with the Fear and Greed Index at 26 and the Altcoin Season indicator at 53, as traders debated whether falling Bitcoin dominance reflects rotation or simply another fragile bounce. For now, the market remains liquid, tense, and unusually split under heavy selling.
