Jobs data shock cause $1.6B BTC/ETH liquidations near 59K
Bitcoin/ETH liquidation cascade don accelerate as BTC drop reach new 2026 low near $59,100 then bounce back towards ~$60,700. For the past 24 hours, leveraged liquidations tot up to about $1.6B, including over $500M for BTC longs and more than $400M for ETH positions.
The trigger na be stronger-than-expected US jobs data. May nonfarm payrolls rise to 172,000 (vs 85,000 forecast) and April get upward revision. Traders push back expectation for Fed rate cuts, wey make bond yields and dollar rise—conditions wey normally pressure risk assets and crypto. Risk sentiment also sour as Nasdaq 100 fall nearly 5% and S&P 500 drop 2.6%.
Crypto drawdown wide. ETH down more than 20% on the week, while SOL, XRP, DOGE, and BNB show double-digit declines. On-chain data show about 10.46M BTC dey in loss territory, a setup analysts talk say dey often appear near historical bottoms.
Sentiment signals still mixed. Strategy announce dem first Bitcoin sales since 2022, and US spot Bitcoin ETFs see consecutive net outflows. With BTC dey around the $60,000 area and funding turn negative, traders dey watch 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
Di job data shock fit extend di crypto risk-off move because e tighten financial conditions (higher yields and stronger dollar). Di big size of BTC liquidation ($1.6B for leveraged positions) dey show say forced selling happen and people nor wan use leverage quick time, we fit keep volatility high. Even though di rebound and di 10.46M BTC wey dey in loss territory fit mean say e dey form bottom, bearish catalysts — Strategy selling since 2022 and consecutive spot Bitcoin ETF outflows — show demand still weak. Negative funding and BTC dey around $60,000 mean rallies fit jam supply overhang until stabilization clear.