Bitcoin Slips Below $62,000 as $1.5B Longs Liquidated and ETFs Hit 11-Day Outflows

Published: 2026-06-04 09:05:32 |

Bitcoin slid below $62,000, extending a risk-off selloff to pre–U.S.-Iran conflict lows. In the past 24 hours, cumulative liquidations neared $1.5B, with CoinGlass attributing most losses to forced closures of bullish long positions. The move also reflects a broader drawdown. BTC is down about 50% from its October 2025 peak near $126,000, while spot Bitcoin ETFs extended net outflows to a record 11 consecutive days. Since May, cumulative ETF withdrawals are about $3.83B, shrinking total ETF assets from over $108B to roughly $82B. Risk sentiment has turned sharply. A BVIV “VIX-equivalent” jumped nearly 20% Tuesday, and DeFi TVL fell to around $78B (lowest since Oct. 2024), signalling renewed volatility and tighter risk appetite. Analysts framed the ETF flow as a demand shift, not routine hedging, pointing to a “real buyer drought” and “directional recalibration.” An additional institutional signal added pressure: Strategy (MicroStrategy-related) conducted its first BTC sale since 2022, selling 32 BTC for about $2.5M. For traders, Bitcoin’s setup now hinges on whether ETF outflows slow; otherwise, liquidation-driven momentum can keep downside pressure elevated.

Bearish

Bearish for Bitcoin because the selloff is being reinforced by both leverage and spot demand. Price broke down toward conflict-era lows while liquidations near $1.5B show longs were forced out, which often accelerates downside momentum. At the same time, spot Bitcoin ETFs are sustaining net outflows for 11 straight days and multiple-month cumulative withdrawals (~$3.83B since May) are draining ETF-controlled demand—reducing a key source of incremental buying. Short term, the combination of liquidation flows and elevated volatility (BVIV +~20% and falling DeFi TVL) can keep intraday swings large and rallies fragile. Historically, ETF withdrawal streaks alongside “real buyer drought” narratives have preceded weak rebounds. Long term, if ETF outflows do not reverse, the demand-side reset can keep BTC under pressure even if geopolitical headlines cool off. The additional BTC sale by Strategy adds a modest but symbolically bearish signal for institutional positioning.