BEARISH 📉 : Bitcoin tests $60k support, $1.28B longs liquidate amid ETF outflows
Strong US jobs data triggers $1.28B Bitcoin long liquidations; $60k support in focus
Bitcoin slid toward $60k and wiped out over $1.28B in long positions in the first five days of June. A risk-off wave hit after robust US jobs data.
According to analyst Axel Adler Jr, the selloff followed stronger-than-expected labor numbers. The US added 172k jobs in May versus 88k forecast, lifting Fed hike odds from 40% to 57% source.
Cross-asset losses spiked on June 5, per Adler Jr source:
- S&P 500 down $1.14T
- Nasdaq down $1.11T
- Gold down $1T
- Silver down $280B
- Bitcoin down $80B
Leverage stayed high into the drop. Funding rates remained positive while price fell, signaling crowded longs source.
Open interest built fast, then eased. The 30-day OI change peaked at 14.1% on June 3, then slipped to 8.4% by June 6 source.
US spot Bitcoin ETFs saw about $1.40B in weekly net outflows, removing a key demand tailwind source. Exchange inflows rose as the 7-day netflow average climbed to 10,200 BTC on June 2, then cooled to ~6,200 BTC source.
Outlook hinges on $60k. Adler Jr calls it the cycle’s key level and warns that ETF outflows, exchange inflows, and futures leverage should cool before any break below to avoid cascading liquidations source. Additional context on the support test here.
