CryptoSlate
Bitcoin tested an intraday low of $61,349 before rebounding into the mid-$63,000s, with the move triggering roughly $1.76 billion in liquidations — long positions absorbed more than $1.5 billion of that total. Funding rates flipped deeply negative, open interest reset sharply, and the Crypto Fear & Greed Index dropped to 12, deep in extreme fear territory. The technical work is meaningful, but the buyers who need to absorb the remaining supply have yet to confirm their return.
Why it matters
Lacie Zhang, research analyst at Bitget Wallet, argues the flush cleared the most crowded bullish leverage from the order book. Funding moving deeply negative indicates the leverage bias has shifted from overheated longs to defensives, and the sharp open interest reset means speculative positioning is considerably cleaner than it was a week ago. Zhang frames the equity comparison sharply: the Dow fell 1.2%, the S&P 500 dropped 0.7%, and the Nasdaq declined 0.9% over the same window with no comparable deleveraging event. Bitcoin's 24/7 structure and more reactive participant base mean it prices macro stress faster than equities, compressing what stocks may absorb over weeks into a few sessions.
Glassnode's June 3 report reinforced the read — Bitcoin had fallen 13% over seven days, the short-term holder cost basis had declined to roughly $76,400, and the 7-day Spot Volume Delta had turned decisively negative, its weakest level since February. Spot sellers were dominating order books even as prices bounced, and the market still lacked evidence of a durable demand response. Standard Chartered's Geoffrey Kendrick maintained a $100,000 year-end 2026 target and said much of the selling may already be over, but flagged that a move below $60,000 risks triggering a fresh wave with no natural floor visible below that level.
Market impact
Nicolai Sondergaard, research analyst at Nansen, reads the flow data as a direct challenge to the recovery narrative.
Frequently asked questions
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What happened to Bitcoin's price in the latest flush?
Bitcoin tested an intraday low of $61,349 before rebounding into the mid-$63,000s. The move triggered roughly $1.76 billion in liquidations, with long positions absorbing more than $1.5 billion of that total.
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Why did the Crypto Fear & Greed Index drop to 12?
The index fell to 12, deep in extreme fear territory, after the liquidation cascade wiped out more than $1.5 billion in long positions. Funding rates flipped deeply negative and open interest reset sharply, signalling that speculative positioning had been forcibly cleared.
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What does the 13-session spot Bitcoin ETF outflow streak mean?
US-traded spot Bitcoin ETFs extended their outflow streak to 13 consecutive sessions, accumulating roughly $4.4 billion in withdrawals. Nansen analyst Nicolai Sondergaard frames the run as mostly confirmatory of deteriorating institutional sentiment and notes compliance-bound allocators do not quickly rebuild exposure…
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Where is the next key support level for Bitcoin?
The $60,000 handle is the psychological threshold Standard Chartered's Geoffrey Kendrick identified as the dividing line between containment and acceleration. A retest of the $55,000–$57,000 range remains plausible if exchange inflows and ETF outflows persist through the week.
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Has Bitcoin formed a confirmed bottom yet?
No. Analysts at Bitget Wallet, Nansen, and Glassnode agree the forced-selling phase of the correction is complete, but the voluntary sellers — ETF redemptions, exchange depositors, and compliance-driven de-riskers — remain active. Until ETF outflows slow, exchange inflows fade, and spot buying drives the recovery, the…
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