Bitcoin broke below $58,000 on June 25, a level it hadn’t visited in months, and the drop wasn’t a gentle slide. It was a trapdoor.
Within roughly 60 minutes of breaching that threshold, approximately $450 million in leveraged long positions were forcibly closed. The broader market followed. Total crypto liquidations across the 24-hour period reached $1.26 billion, according to CoinGlass data, hitting more than 209,000 traders in the process.
The intraday decline reached as much as 5%. To put that in leverage terms: a trader running 20x exposure on a long position would have been entirely wiped out on a move half that size.
What actually caused this
The trigger wasn’t a hack, a regulatory headline, or a whale dumping coins. It was a jobs report.
