Jobs data shocks trigger $1.6B BTC/ETH liquidations near $59K
Bitcoin/ETH liquidation cascades accelerated as BTC slipped to a new 2026 low near $59,100 and then rebounded toward ~$60,700. Over the past 24 hours, leveraged liquidations totaled about $1.6B, including more than $500M in BTC longs and over $400M in ETH positions.
The trigger was stronger-than-expected US jobs data. May nonfarm payrolls rose to 172,000 (vs 85,000 forecast) and April was revised higher. Traders pushed back expectations for Fed rate cuts, lifting bond yields and the dollar—conditions that typically pressure risk assets and crypto. Risk sentiment also deteriorated as the Nasdaq 100 fell nearly 5% and the S&P 500 dropped 2.6%.
Crypto drawdown was broad. ETH was down more than 20% on the week, while SOL, XRP, DOGE, and BNB posted double-digit declines. On-chain data shows about 10.46M BTC in loss territory, a setup analysts say has often appeared near historical bottoms.
Sentiment signals remain mixed. Strategy announced its first Bitcoin sales since 2022, and US spot Bitcoin ETFs saw consecutive net outflows. With BTC hovering around the $60,000 area and funding turning negative, traders are watching for stabilization after the BTC liquidation shock.
Keywords: BTC liquidation, ETH liquidation, jobs data shock, spot ETF outflows, risk-off market, $60,000 level.
Bearish
The jobs data shock likely extended the crypto risk-off impulse by tightening financial conditions (higher yields and a stronger dollar). The sheer scale of BTC liquidation ($1.6B across leveraged positions) indicates forced selling and reduced near-term leverage appetite, which can keep volatility elevated. While the rebound and the 10.46M BTC in loss territory hint at potential bottoming behavior, bearish sentiment catalysts—Strategy selling since 2022 and consecutive spot Bitcoin ETF outflows—suggest demand is still weak. Negative funding and BTC hovering near $60,000 imply rallies may face supply overhang until stabilization is confirmed.