$1.26B Liquidated, 209,000 Traders Wrecked: What Just Happened to Crypto in 24 Hours?

The selloff that wiped out nearly $1 billion in leveraged positions on June 25 has deepened. Bitcoin dropped to $58,000 on June 26 as total crypto liquidations hit $1.26 billion across more than 209,000 traders in the 24-hour window, according to CoinGlass data, including over $450 million in leveraged long positions wiped out in roughly one hour.

Bitcoin was trading above $61,800 earlier Thursday before the drop picked up momentum. The coin was hovering near $59,200, down 2.6% on the day, before sliding further toward $58,000. Bitcoin has fallen 4.47% over the past seven days and $13,961 from its May 25 peak of $77,623.46.

What Triggered the Latest Leg Down

Bitcoin dropped after US PCE inflation data for May came in at 4.1% year over year, well above April’s 3.8% reading, cutting expectations for near-term Federal Reserve rate cuts and triggering a broad risk-asset selloff.

The Nasdaq 100 also reversed intraday gains and sold off, mirroring a broader tech selloff that had already dragged Bitcoin lower earlier in June. The correlation between crypto and tech stocks has been tight this year. When rate expectations shift, both sectors feel it at roughly the same time, and Thursday was a clean example of that dynamic playing out in real time.

The above chart shows a synchronized selloff across major financial markets on June 25, highlighting how macroeconomic fears hit both traditional equities and cryptocurrencies at the same time. Futures tracking the S&P 500 and Nasdaq 100 plunged sharply, while Bitcoin fell below $59,000 during the same window.

Large-cap technology stocks including Apple, Nvidia, and Micron also dropped steeply, reflecting broad risk-off sentiment rather than crypto-specific weakness. The simultaneous declines suggest investors rapidly reduced exposure to risk assets after hotter-than-expected inflation data reinforced expectations that interest rates could remain higher for longer.

Under Chair Kevin Warsh, the Federal Reserve held its benchmark rate between 3.5% and 3.75% at the June meeting, flagging possible rate increases ahead and pointing to energy supply shocks tied to Middle Eastern conflicts as an ongoing concern. Traders who spent months pricing in easing this year are now scrambling to reprice.

June Has Been Brutal for Leveraged Traders

Thursday’s $1.26 billion event is the latest in a month of sustained liquidation pressure.

Between June 4 and June 6, Bitcoin fell from roughly $67,000 to a cycle low of $59,100. In 48 hours, over $3 billion in leveraged positions were forcibly closed across crypto derivatives markets. Long traders took the brunt of it: on the worst single session, longs accounted for nearly 85% of all BTC liquidations.

The $1.7 billion single-day event on June 4 saw $750 million attributable to Bitcoin and $390 million to Ether, with open interest declining 8.5% to $111.4 billion, a sign that leveraged positions were being unwound rather than fresh bets being added.

Around $1.8 billion in leveraged trades were liquidated on June 2, marking one of the biggest single-day wipeouts of 2026, with over 272,000 traders liquidated during that event alone.

Options Market Flashing Warning Signs

Nearly 80% of Bitcoin options expiring June 26 are out of the money, with about $8.6 billion of $10.6 billion in open interest sitting OTM.

Max pain sits near $74,000, implying elevated volatility risk around nearby strikes. The 7-day 25-delta put-call skew recovered from minus 18% to minus 1.9% in two weeks, showing a meaningful shift in positioning.

Put skews have strengthened on both Bitcoin and Ether, signaling that investors are willing to pay a premium for downside protection.

The $60,000 strike put on Deribit carries over $1 billion in notional open interest. As spot prices approach that strike, large position adjustments become increasingly likely, which could amplify volatility. The $55,000 put was the most actively traded options contract in the past 24 hours.

What Comes Next

The Fear and Greed Index sits at 15, in Extreme Fear territory, with a 30-day average sentiment of 19, confirming that fear has been persistent rather than a one-day shock.

Bitcoin’s total open interest had climbed above $111 billion heading into June’s cascade. The market was heavily skewed long, meaning far more traders were betting on price going up than down, with many positions running 10x, 20x, or higher leverage.

That positioning has now been partially cleared, but the $58,000 level is the next test. A break below $60,000 could trigger further liquidations, which would weigh more on the illiquid altcoin pairs.

Bitcoin is now sitting approximately 53% below its October 2025 peak of $126,080. Whether the PCE print marks the peak of the macro pressure or opens a fresh leg lower toward the $55,000 options cluster now sits as the defining question for what remains of June.

About the Author

Dr. Guneet Kaur

Dr. Guneet Kaur is a senior editor at CCN.com and a Science Fellow at Exponential Science. She is a fintech and blockchain expert with extensive experience in digital finance education, blockchain ecosystems, and cryptocurrency markets. She has worked with global media such as Cointelegraph, as well as education and blockchain platforms, to design and lead strategic content and learning initiatives. As an educator and assessor for top-tier executive programs, she bridges real-world fintech trends with academic insight.

Dr. Kaur is also a published researcher and peer reviewer across fintech and data science journals, including Financial Innovation Journal and International Journal of Big Data Intelligence and Applications. Her work spans data-driven analysis, Web3 innovation, and technical content development. With a strong foundation in both industry and academia, she translates complex financial technologies into practical applications, empowering learners, professionals, and institutions across the rapidly evolving digital finance landscape.

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