Crypto markets saw a sharp sell-off on the evening of June 5. Bitcoin (BTC) dropped below $61,000, while Ethereum (ETH) slid toward the $1,600 level as heavy selling pressure hit the market in a short span.
24-hour liquidations climbed to $1.22 billion
As spot prices fell quickly, derivatives positions were forced out in large numbers. CoinGlass data, current as of the evening of June 5, showed that 257,233 traders were liquidated across the global crypto market over the past 24 hours, with total liquidations reaching $1.22 billion.
The move hit leveraged positions especially hard. Once prices broke below key round-number levels, liquidation activity accelerated and added to the volatility already showing up across the market.
Largest single liquidation came from Binance BTCUSDT
CoinGlass also showed that the largest single liquidation during the sell-off took place on Binance in the BTCUSDT trading pair. That position was worth $13.31 million.
Bitcoin losing $61,000, Ethereum nearing $1,600, and total liquidations moving past $1.2 billion all pointed to pressure hitting both spot and derivatives markets at the same time on June 5. The figures cited in the source reflect market conditions recorded by that evening.