Bitcoin bulls just got a very expensive reminder that leverage cuts both ways. Roughly $1.84 billion in crypto positions were liquidated over a 24-hour period on June 3, making it the largest forced-selling event the market has seen since early February.
The carnage was overwhelmingly one-sided. Long positions, meaning traders betting on higher prices, accounted for $1.66 billion of the total wipeout. Short liquidations made up a comparatively modest $180 million.
Bitcoin took the biggest hit
Bitcoin longs alone absorbed $883 million in liquidations. That figure includes one particularly brutal single position worth $59.67 million in BTC-USDT on the HTX exchange.
Ethereum wasn’t spared either, with long liquidations totaling $476 million. Solana longs rounded out the top three at $91 million.
