Bitcoin slides to $61,300 as $3B in crypto liquidations mount over 48 hours

Bitcoin fell to $61,300 over June 3-4, 2026, triggering approximately $3 billion in crypto derivatives liquidations across two sessions. In the worst 24-hour window, $1.50 billion in long positions and $233 million in shorts were forcibly liquidated, wiping out 266,158 traders. Most liquidated assets: Bitcoin ($773M), Ether ($482M), Solana ($88M).

Three institutional-scale catalysts drove the move. First, Strategy — Michael Saylor's Bitcoin treasury company — sold 32 BTC, marking its first sale in nearly four years. The dollar amount was small, but the signal was large: the firm had been an unwavering buyer since 2020 and any policy reversal draws immediate institutional attention. Second, spot Bitcoin ETFs recorded net outflows exceeding $2 billion over the past two weeks — a sustained pace of institutional selling. Third, escalating Middle East military tensions weighed broadly on risk assets.

Total crypto market cap fell from $2.57 trillion on June 1 to $2.38 trillion, a $190 billion decline within the month. Bitcoin recovered partially to approximately $62,500, but CoinDesk's June 4 analysis reports that derivatives markets — open interest and funding rates — continue to flash bearish signals.

Key watchpoints: spot ETF flow direction the week of June 8, any clarification of Strategy's BTC sale policy, and resolution of the Iran geopolitical situation.