The cryptocurrency market lost $140 billion in value over the last 24 hours, dropping its total worth to $2.37 trillion – the lowest it’s been since early April.
Wow, the market really took a turn today! I saw reports that over 265,000 traders got liquidated in the last 24 hours, totaling a massive $1.63 billion. It seems like most people who got burned were those betting *on* Bitcoin and Ethereum going up – about 89% of the liquidations were long positions. Definitely a painful day for a lot of us.
Many traders could face losses in the coming hours as the price drops to levels where existing trades will be automatically closed, according to Joao Wedson, founder of Alphractal.
As the price rapidly increases and approaches certain levels, it can set off a chain reaction of orders across many different trading platforms simultaneously.
If you are long, it may be time to seriously reassess your stop loss and keep it closer.
Liquidation levels below the current price are likely to hit many traders in the next hours.
When price starts accelerating toward these zones, cascading orders can trigger across dozens of…
— Joao Wedson (@joao_wedson) June 2, 2026
Key Stakeholders Offloading
According to Santiment, the recent fall in cryptocurrency prices, especially Bitcoin’s decline over the last week, is mainly due to large holders selling off their assets.
Large Bitcoin holders – those with 10 to 10,000 coins – sold off 24,602 Bitcoin in the last week. At the same time, smaller traders with less than 0.01 Bitcoin only bought a total of 61 coins.
According to Santiment, social media indicates that most traders are currently experiencing significant fear. This shift in sentiment comes after Bitcoin’s price dropped to its lowest point since April 5th, and large-scale selling by Michael Saylor appears to be a major contributing factor.
Peter Schiff, a well-known gold advocate, criticized Bitcoin, saying investors seem overly confident and that the price likely hasn’t hit its lowest point yet.
If Bitcoin drops below $50,000, it’s likely to fall quickly to below $20,000. This significant price drop could discourage long-term Bitcoin holders, causing many to sell their holdings.
Bitcoin creator Adam Livingston described the significant daily price drop as a dramatic crash, joking that it’s the type of event that makes individual investors worried about potential intervention from the Federal Reserve.
BTC Tanks to $66K, ETH at 4-month Low
Bitcoin’s price dropped sharply on Wednesday, falling 6% to $65,300 during early trading in Asia. It hasn’t bounced back from this two-month low and is currently trading around $66,500, which is 47% lower than its highest point in October.
Ether experienced a significant drop in value, falling 7% to $1,850 – its lowest point in four months. Experts had predicted a larger price decrease, and that prediction is now coming true this week.
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2026-06-03 10:03