Bitcoin crashes to $62K as billions in longs get liquidated!

Bitcoin has plunged to $62,000, wiping out billions in leveraged long positions as panic returns to the crypto market. The selloff has triggered a sharp rush into protective options, with the $50,000 strike put expiring June 26 becoming the single most-traded contract on Deribit — the world's largest crypto options exchange by volume — over the past 24 hours.

Why it matters

The $50,000 put sits roughly 20% below current spot, meaning traders aren't just hedging near-term dips — they're paying for insurance against a deep tail-risk scenario. The broader options leaderboard reinforces the bearish read: puts at $65,000 and $55,000 also saw notable volume, while the only call to crack the top five was the $80,000 strike. When put flow dominates across multiple lower strikes simultaneously, it signals that a meaningful portion of the market is either actively positioning for further downside or treating current levels as structurally fragile.

Market impact

The liquidation cascade amplifies the price signal — forced selling from long positions accelerates moves that options flow was already pricing in. With the $65,000 put now in-the-money, the next key level to watch is $60,000, a round-number psychological support. A sustained break there would validate the tail-risk hedging that Deribit's flow data already suggests is well underway.