Key Points
- 01Bitcoin (BTCUSD) hovered in the low $60,000s on June 5, near a key $60,000 level
- 02Deribit open interest at the $60,000 bitcoin (BTCUSD) put strike exceeded $1.2 billion
- 03Around $1.2 billion of crypto positions were liquidated in 24 hours
- 04Ether dropped more than 17% on the week, nearing support around $1,420
Bitcoin nears key $60,000 level amid sharp selloff
Crypto markets weakened on June 5, 2026 as bitcoin traded in the low $60,000s and approached a closely watched $60,000 threshold. CoinDesk cited a bitcoin price print of $61,368.12 and reported that the token was trading around $62,500 while market participants focused on whether the $60,000 level would hold.
The move followed heightened volatility earlier in the week. Other outlets reported that bitcoin briefly dipped to about $61,300 during Asian trading on June 4, 2026, a drop that coincided with an acceleration in forced deleveraging across derivatives venues.
Derivatives positioning and the $60,000 put wall
A substantial concentration of bitcoin put options at the $60,000 strike added to market attention on that level. Deribit data showed more than $1.2 billion in notional open interest in put contracts tied to the $60,000 strike, highlighting the structural importance of that price area for options traders.
Coverage noted that such concentrated put exposure can influence trading dynamics if spot bitcoin trades below the strike. In that scenario, hedging activity associated with the options positions may affect spot and derivatives markets, although the exact impact depends on how traders manage their risk.
Wave of liquidations accelerates market decline
Leveraged liquidations compounded the price weakness across major cryptocurrencies. Coinglass data cited in reports showed about $1.2 billion in positions liquidated over a 24‑hour period, with roughly 76% of the wiped‑out positions being long and 24% short.
Bitcoin and ether bore a significant share of these liquidations. Bitcoin accounted for approximately $364 million of the 24‑hour total, while ether represented about $291 million, underscoring the degree of leverage embedded in the two largest crypto assets by market value.
Across a broader two‑day window surrounding bitcoin’s drop to about $61,300 during Asian hours on June 4, reports pointed to roughly $3 billion in leveraged positions being liquidated. This multi‑day wave of forced selling was cited as a key driver of the broader market downturn.
Ether underperforms as key support approaches
Ether underperformed bitcoin during the latest leg of the selloff. CoinDesk reported that as of June 5, 2026, ether had fallen more than 17% on the week and was approaching what was described as a critical support level near $1,420.
The magnitude of ether’s weekly losses contributed to broader risk‑off sentiment in digital assets. Market commentary highlighted the token’s decline and proximity to support as an additional source of concern for traders already grappling with elevated volatility and forced liquidations.
Speculative tokens and wider market pressure
The downturn hit speculative tokens particularly hard. Reports noted that Dogecoin and Shiba Inu each fell about 9% during the selloff, reflecting heavier selling pressure in higher‑beta segments of the crypto market.
These declines in meme tokens occurred alongside the stress in bitcoin and ether, illustrating how weakness in the largest cryptocurrencies can spill over into smaller, more speculative assets. Overall, the combination of concentrated derivatives exposure, large‑scale liquidations and sharp losses in major coins and altcoins characterized the latest bout of crypto market pressure.
Key Takeaways
- 01Bitcoin’s approach to the $60,000 level coincides with a large concentration of Deribit put open interest, making this price area structurally important for traders.
- 02The scale of recent long liquidations in bitcoin and ether shows how leveraged positioning can amplify downside moves once prices begin to fall.
- 03Ether’s steeper weekly drop and proximity to support near $1,420 have added to broader market stress beyond bitcoin itself.
- 04Losses in speculative tokens such as Dogecoin and Shiba Inu signal that risk aversion has spread across the crypto complex, not just in major coins.