Bitcoin slid below $61,000, hitting an intraday low of $59,227, as a wave of forced selling swept through crypto markets. In just one hour, $172 million worth of leveraged long positions on BTC were wiped out.
Total liquidations across cryptocurrency markets hit $1.6 billion, with roughly 308,000 traders liquidated in 24 hours.
The catalyst was a stronger-than-expected U.S. jobs report on June 5, which reduced expectations for Federal Reserve rate cuts, strengthening the dollar and pushing capital away from risk assets.
The Nasdaq 100 dropped about 5%. Bitcoin followed, amplifying the move. Ethereum shed more than 21% for the week, while Solana lost nearly 24%.
Spot Bitcoin ETFs recorded record outflows during the selloff. Corporate holder Strategy sold Bitcoin for the first time since 2022.
Bitcoin recovered above $61,000 during Asian trading on June 6, suggesting some dip-buying interest near the $59,000 level.