Bitcoin (BTC) fell to levels last seen in September 2024 on 24 Jun after a sharp sell-off triggered more than $400mn in liquidations and extended a streak of outflows from US spot Bitcoin exchange-traded funds (ETFs).
UPDATED: Bitcoin Falls Below $60k as Crypto Liquidations Top $400mn
24 June 2026 - 19:08 CEST
By Jona Jaupi
The world's largest cryptocurrency, which boasts a market capitalization of more than $1.2tn, was trading at around $59,500 at 18:19UTC, down nearly 5% over the previous 24 hours and more than 9% on the week, according to CoinGecko. The token remains more than 53% below its record high of about $126,000 reached in October 2025.
The broader crypto market also weakened, with Ether (ETH) falling nearly 5% to around $1,500. Total cryptocurrency market capitalization declined 2.4% to $2.17tn, while daily trading volume reached $67.6bn, according to CoinGecko.
BTC liquidations and ETF outflows
The sell-off triggered liquidations among more than 103,000 traders over the past 24 hours.
More than $406mn worth of positions were liquidated, with long positions accounting for about $338mn of the total, and shorts accounting for $69mn, according to CoinGlass.
Long liquidations happen when traders who borrowed money to bet on higher prices are forced to sell as the market falls. This can push prices down even further by adding more selling pressure.
Bitcoin represented the largest share of liquidations at around $160mn, followed by ETH at nearly $63mn and other altcoins with just over $41mn in combined liquidations.
The decline also coincided with a recent streak of withdrawals from US spot Bitcoin ETFs. Investors pulled $113.8mn from the funds on 23 Jun, according to SoSoValue data.
BlackRock's iShares Bitcoin Trust, the largest spot Bitcoin ETF, recorded outflows of $182mn. Withdrawals were partly offset by inflows of $30.9mn into Ark Invest's Bitcoin fund, ARKB, and $23mn into Fidelity's Wise Origin Bitcoin Fund.
Crypto's Oct 2025 crash
The latest decline adds to a broader downturn that has weighed on crypto markets since October 2025.
The slide accelerated on 10 Oct 2025, when President Donald Trump announced additional tariffs on Chinese imports. The move came in response to China imposing export controls on rare earth minerals.
At the time, Bitcoin fell below $106,000, while more than $19bn in crypto positions were liquidated, making it the largest liquidation event on record, according to CoinGlass.
