Over the past 24 hours, Bitcoin long positions faced $308 million in liquidations. The drop came as Bitcoin fell 3% from a daily high of $105,915 to a low of $100,500.
At the time of reporting, Bitcoin trades near $102,180, according to CoinMarketCap.
Bitcoin Price Drop to $102.46K. Source: CoinMarketCap
The sharp price drop triggered widespread Bitcoin liquidation, mostly from long positions.
Data from CoinGlass shows these liquidations totaled $308 million in just one day. This marked one of the largest single-day losses for Bitcoin long traders in recent weeks.
Bitcoin has lost 3.61% in the past seven days. It now approaches the $100,000 level, which has acted as a key support zone.
The decline follows consistent sell-offs by long-term Bitcoin holders who had accumulated BTC for over 155 days.
Trump Subsidy Threat Sparks Musk Reaction, Impacts Bitcoin
On June 5, U.S. President Donald Trump criticized Elon Musk on Truth Social. He claimed that ending Musk’s government contracts and subsidies would save “billions and billions of dollars” for the United States.
Elon Musk responded on X, warning that Trump’s plan for global tariffs could “cause a recession in the second half of this year.”
He also said that SpaceX would start decommissioning its Dragon spacecraft. However, Musk walked back the statement hours later.
The Dragon spacecraft is currently the only U.S.-made capsule for manned space missions. The public feud added to the pressure on risk assets.
The Trump Musk Bitcoin tension contributed to the broader crypto market sell-off and affected Bitcoin sentiment.
Long-Term Bitcoin Holders Selling After All-Time High
Glassnode reported that many long-term Bitcoin holders have started selling. These holders had kept their BTC for more than 155 days. Selling began after Bitcoin reached a record high of $111,970 on May 22.
Bitcoin has since failed to break above $111,800. According to Glassnode’s June 5 note, “the probability of a short-term correction continues to build.”
This comes as these long-term Bitcoin holders continue to apply sell pressure on the market.
Bitcoin’s current trading range remains below the May peak. The selling by long-term investors has added weight to the ongoing Bitcoin price drop and liquidation trend.
Bitcoin liquidation events are more likely during such corrections without strong price recovery.
Crypto Market Sell-Off Expands Beyond Bitcoin
Bitcoin’s decline was not an isolated event. The broader crypto market also experienced a sharp drop.
Ethereum (ETH) fell by 7.25% to $2,457. Solana (SOL) lost 5.20%, trading at $146.94. XRP (XRP) dropped 4.35%, now sitting at $2.12.
CoinGlass reported total crypto market liquidations at $982.55 million in 24 hours. Long positions made up $891.63 million of this amount.
The Bitcoin price drop and Trump Musk Bitcoin conflict added to overall risk-off behavior in the market.
The combination of political disputes, macroeconomic tension, and sell-offs from long-term Bitcoin holders has created market stress.
The crypto market sell-off has erased millions in positions and pushed Bitcoin closer to the $100,000 mark.
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