On June 5, Bitcoin (BTC) futures traders faced a staggering liquidation event, with $5.51 million in positions wiped out within a single hour. The lion’s share of this—$5.35 million—came from long positions, while shorts accounted for only $157,000. This triggered an extraordinary liquidation imbalance of 3,399%, marking one of the most severe hourly disparities seen in recent trading activity.
This liquidation surge coincided with a sharp downturn in Bitcoin’s price. Within the same hour, BTC plunged from above $104,800 to intraday lows near $103,800, before staging a modest recovery. The decline was characterized by consecutive red candles, indicating sustained selling pressure rather than a momentary spike in volatility.
The liquidation wave extended beyond Bitcoin. Ethereum (ETH) liquidations topped $6.43 million, followed by Solana (SOL) at $2.65 million. Even smaller-cap tokens, such as 1000PEPE futures, were not spared, seeing liquidations in the hundreds of thousands.
Data from CoinGlass revealed that over $22.6 million was liquidated across the market during this hour, with 95% stemming from long positions. This underscores a previously strong bullish sentiment that rapidly unwound under selling pressure.
Over the past 24 hours, total liquidations surged to $204.56 million, with long positions comprising $144.53 million and shorts making up $60.03 million. In this period, 90,800 traders were forced out of their positions.
Notably, the largest single liquidation occurred on HTX, where a BTC-USDT position valued at $2.21 million was closed, highlighting the significant financial impact of this market correction.
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