Bitcoin traded at $62,569 in early June 9 trading, down 1.21% over the past 24 hours and still hovering near its lowest levels since February. The asset has been under pressure since peaking at $77,398 on May 26, before falling to $59,353 on June 6. Ether also stayed weak, changing hands at $1,659.78, down 1.95% on the day.
$283 million in liquidations hit leveraged longs
Data from CoinGlass showed total crypto liquidations reached $282.62 million in the last 24 hours. Long positions accounted for $156.50 million, or about 55% of the total, while shorts made up $126.12 million. In the past 12 hours alone, liquidations came in at $146.46 million. Over a one-hour window, another $44.83 million was wiped out, with the largest single liquidation worth $18.68 million.
The figures point to sustained pressure on leveraged bullish positions as price rebounds failed to hold.
Spot ETF selling and Strategy’s move weigh on sentiment
One of the main drivers behind the decline was the scale of spot ETF outflows. U.S. spot Bitcoin ETFs recorded a net outflow of $3.4 billion last week, the largest weekly withdrawal since launch in 2024. The streak has now extended to 13 trading days, with cumulative outflows reaching $4.33 billion, equal to roughly 59,351 BTC.
Market sentiment was also affected by reports that Strategy, the company associated with Michael Saylor, recently sold Bitcoin for the first time in nearly four years. That development added pressure to the long-standing institutional holding narrative around the asset.
Macro concerns stay in focus before CPI and FOMC
Broader macro conditions added another layer of stress. Expectations for Federal Reserve rate cuts in 2026 have been revised lower, while the April CPI rose 3.8% year over year, the highest reading since May 2023. Traders are now watching the U.S. May CPI release scheduled for June 10, followed by the June 17 FOMC rate decision.
A stronger-than-expected inflation print could add to pressure on risk assets, and crypto is already showing sensitivity to those shifts.
Altcoins weaken as fear index drops to 10
Major altcoins moved lower as well. Solana traded at $65.43, down 1.45% over 24 hours, while XRP changed hands at $1.1536, down 0.48%. Both remained close to recent lows.
The Crypto Fear & Greed Index stood at 10, deep in extreme fear territory, compared with 8 a day earlier and 23 a week ago. At the same time, U.S. equities rebounded on June 8. The S&P 500 rose 0.3% to 7,405.73, and the Nasdaq gained 0.86% to 25,929.66. Crypto assets did not follow that move, showing a clear divergence in risk appetite.