In a significant market downturn, bullish crypto positions have faced a staggering loss of $1.6 billion as Ethereum, Solana, and Dogecoin all saw declines of 9%.

The largest liquidation involved a $59.67 million BTC-USDT long position on HTX.

By Shaurya Malwa Jun 3, 2026, 5:00 a.m. 2 min read

Key Takeaways:

  • Over the past day, approximately $1.84 billion in leveraged crypto positions were liquidated as Bitcoin dipped below $66,000 and Ethereum fell below $1,900, marking the most substantial liquidation since February 5.
  • Long positions were predominantly affected, with around $1.66 billion in liquidations, primarily driven by Bitcoin, Ethereum, and Solana, including a notable $59.67 million BTC-USDT long unwinding on HTX.
  • The majority of liquidations occurred on Binance, Hyperliquid, and Bybit as Bitcoin's price dropped from above $71,000 to roughly $65,700, with traders now viewing a drop below $65,000 as potentially leading to $60,000.

On Wednesday, crypto traders, who were hoping for a market alignment with the global stock rally, faced harsh realities as a sharp price decline triggered the largest liquidation event since early February.

In total, about $1.84 billion in leveraged crypto positions were liquidated in just 24 hours, with Bitcoin BTC$67,222.41 falling below $66,000 and Ethereum (ETH) dropping under $1,900. This event represents the largest single-day liquidation since February 5 and primarily impacted long positions, which accounted for $1.66 billion of the total, contrasting with only $180 million from short positions, according to CoinGlass data.

A liquidation occurs when an exchange automatically closes a leveraged trade due to the trader's losses exceeding their collateral. Long positions are bets on price increases, while short positions predict price drops.

Bitcoin long positions suffered $883.66 million in losses, Ethereum longs faced $475.73 million, and Solana (SOL) longs incurred $91.18 million in losses, with around $390 million spread across other cryptocurrencies including HYPE, DOGE, SUI, BNB, NEAR, AAVE, LINK, and others in the top-30 long positions.

The largest single liquidation was a $59.67 million BTC-USDT long position on HTX.

Binance was responsible for $748 million of the total liquidations, representing about 41% of the total, with 89% of those positions being long. Hyperliquid managed $314 million in liquidations, 94% of which were long positions, while Bybit recorded $247 million with 93% being long positions.

Interestingly, Bitcoin's open interest, which reflects the total value of all unsettled leveraged futures contracts, actually increased during this liquidation event. The contract count rose from approximately 759,000 BTC to 788,600 BTC despite the long positions being liquidated, as per CoinGlass data. An increase in open interest amid falling prices may suggest that new short positions are being established rather than long positions being closed, indicating that bearish sentiment is growing rather than stabilizing.

Trader positioning shows a disparity among different types of traders. Retail Bitcoin traders on Binance, OKX, and Bybit are still favoring long positions with ratios of 2.22, 2.01, and 1.58, respectively, showing reluctance to exit even after significant losses. Conversely, whale accounts on OKX have shifted to a 0.54 long-short ratio that CoinGlass categorizes as 'extremely bearish.'

During this period, aggregate taker volume revealed $65.39 billion in selling against $60.16 billion in buying, indicating that sellers were more active.

The fact that open interest is rising as prices fall, alongside retail traders remaining long while whales are turning short on OKX, suggests that the market has yet to establish a stable clearing level. A drop below $65,000 could lead to a further decline to $60,000; however, maintaining current levels might allow for a relief bounce, though the positioning data suggests that such a bounce may be less likely.