Bitcoin Drops 5% to $59,018; $237M in Longs Liquidated

Bitcoin fell 5% to $59,018 on June 24, hitting a new year-to-date low and reducing the broader crypto market capitalization to about $2.15 trillion. Bitcoin’s market capitalization slipped below $1.2 trillion after the sell-off.

The decline followed a brief peak just above $65,500 earlier in the week and erased roughly $6,000, or about 10%, from bitcoin’s value since Monday. Since the start of the year, bitcoin has lost more than 30%. The token also traded below $60,000 earlier this month, touching $59,353 on June 5.

Exchange data show roughly $237 million in long leveraged bitcoin positions were liquidated within a roughly four-hour window on June 24, while short positions recorded just under $7 million in liquidations during the same span. Across the wider crypto market, exchanges reported about $503 million in leveraged positions wiped out, with long bets accounting for approximately $486 million of the total.

Order-book models identified a dense cluster of long-side liquidity near the $58,000 level. Those models indicate that a drop below $58,000 would force liquidation of more than $1.6 billion in long leveraged positions.

Market participants described the episode as the second flash crash in under 48 hours. Traders and risk teams are watching a key window around June 30, 2026, when concentrated long positions could unwind.

The bitcoin sell-off coincided with weakness in gold, which fell to $3,989 per ounce, its first trade below $4,000 since November 2025. The recent swings increased volatility and triggered margin calls for some leveraged traders.

Since posting gains earlier in the year, bitcoin has moved through periodic pullbacks that tested support levels. The concentration of long leverage in narrow price bands remains a focus for risk managers and traders assessing potential downside scenarios and the timing of recoveries.