Bitcoin Slumps Below $63K as $150M in Long Positions Get Liquidated

Bitcoin's price dropped below $63,000 on June 3, marking its lowest value since February 24. This slump resulted in over $150 million being wiped out from long positions.

Total crypto liquidations across the market reached between $1.1 billion and $1.8 billion within a 24-hour window, with long positions shouldering the majority of the losses. Bitcoin alone accounted for hundreds of millions in liquidated positions, exceeding $800 million in at least one dataset.

The cryptocurrency's price has now fallen by more than 21% over the past month. US spot Bitcoin ETFs have been experiencing outflows totaling around $4.4 billion over the past 13 trading days. The exodus is attributed to strategy rebalancing, concerns about potential distributions tied to the Mt. Gox incident, and shifting investor interest towards artificial intelligence and related sectors.