Bitcoin drop sharp below $62K trigger $1.8B leveraged liquidations as ETF money dey comot steady
Bitcoin drop commot under $62,000 for Asia trading, cause $1.8B crypto liquidations for 24 hours, mostly from leveraged longs ($1.5B), CoinGlass yarn. The move still join steady withdrawals from US spot Bitcoin ETFs: about $397M net outflows on Wednesday and around $1.4B wey don comot so far dis week, led by near $1.2B outflow from BlackRock’s IBIT.
Other side, traders dey follow Mt. Gox movements. One wallet wey connect to Mt. Gox estate deposit 116 BTC to Bitstamp, after another $731M transfer go new address. This one bring back talk say creditors fit get payment before October 2026 deadline.
By press time, BTC dey trade about $64,628, down about 12% for the week. Ether (ETH), BNB and XRP still feel pressure as market continue to pull back.
For relative strength, Worldcoin (WLD) jump about 33% in 24 hours and outperform market. Ethena (ENA) gain about 18% after Coinbase Ventures show positive support. Maelstrom call WLD like AI-boom proxy ahead of IPO wave, but also say WLD still down year-to-date and negative perpetual funding show plenty short positions. Maelstrom also talk about unlock dynamics and expect smaller daily unlock pressure later in July.
Bearish
Di $62K breakdown and $1.8B liquidation—specially di $1.5B from leveraged longs—mean forced selling and increased downside momentum. ETF outflows dey reinforce di bearish picture: steady withdrawals (about $397M on Wednesday, ~ $1.4B YTD dis week) normally pressure spot demand and fit prolong volatility after one flash move. Di 116 BTC wey relate to Mt. Gox wey land for Bitstamp add supply-overhang sentiment, and e dey often trigger risk-off positioning until traders clear about repayment timing.
That one no mean say everything bad—article still show pockets of resilience (WLD +33%, ENA +18%). Historically, after flash crashes wey leverage and ETF flow stress cause, markets fit bounce back quickly once liquidations don finish. But unless ETF outflows slow down and BTC win back key resistance, di easiest path still be downward or choppy.
Short term: expect more volatility, possible follow-through liquidations, and wider spreads because positioning fragile.
Long term: if ETF outflows continue and Mt. Gox supply worries persist, confidence fit remain weak. On di flip side, clearer repayment guidance and less unlock/short-pressure narrative for specific tokens fit help selective recoveries, even if broader BTC trend remain bearish.