Bitcoin bounced sharply from its June 6 low of $59,353, recovering from a 24-hour low of $61,184 to $63,200.93, a gain of 3.11%. The move briefly pushed BTC to $64,234.68. Ethereum outpaced the broader market, rising from $1,580.27 to $1,686.85, up 6.64% over 24 hours, with an intraday high of $1,721.93.
Short squeeze drives most of the market liquidations
The rebound triggered heavy forced liquidations across crypto derivatives. CoinGlass data cited in the report shows total liquidations reached about $674.87 million in the past 24 hours. Short positions made up $545.74 million, or 81% of the total, while long liquidations came in at $129.14 million. A total of 105,949 traders were liquidated during the period. The largest single liquidation was recorded on OKX BTC-USDT perpetuals at $12.27 million. The structure of the wipeout points to a classic short squeeze rather than a broad shift in positioning.
ETF outflows and weaker volume still weigh on the setup
Price action improved, but capital flows remain under pressure. The report says spot Bitcoin ETFs have posted 13 straight days of net outflows, totaling $4.4 billion. Outflows for the week alone hit $3.4 billion, the largest weekly withdrawal on record. Trading activity also softened. Total 24-hour volume fell 56% from the previous day to $148 billion. That drop in turnover leaves the rebound looking more like a technical recovery from oversold conditions than a confirmed reversal.
Wednesday CPI report is the next near-term test
Markets are now focused on Wednesday's May CPI release (6/10). Expectations cited in the article put headline CPI at 4.2% year over year, still well above the Federal Reserve's 2% target. A hotter-than-expected reading could quickly challenge the current rebound. At the same time, the 10-year US Treasury yield has climbed to 4.82%, up 18 basis points, while Brent crude moved above $93, keeping inflation concerns in view.
SOL and XRP rise, but sentiment remains deeply weak
The recovery extended beyond Bitcoin and Ethereum. Solana (SOL) gained 5.02% to $66.11, reaching a high of $67.92. XRP added 4.72% to $1.1546, with a 24-hour high of $1.1719. Even so, sentiment has not recovered with prices. The Crypto Fear & Greed Index stood at 8, still in extreme fear, compared with 12 a day earlier and 29 last week. That gap between rising prices and depressed sentiment leaves macro data as the immediate test for whether this bounce can hold.