Crypto Market Plummets as Liquidations Surpass $500 Million

Bitcoin and major altcoins face a sharp decline as liquidations hit $534M. Market sentiment shifts to extreme fear amid shifting ETF flows.

A broad downturn has swept through both Bitcoin and major altcoins, even as some institutional investors continue to move capital into exchange-traded funds (ETFs).

This market decline coincides with a significant retreat from risk assets across global financial markets, triggered by heavy sell-offs in tech stocks across Asia, Europe, and the U.S. The Crypto Fear and Greed Index has dropped to 20 points, indicating a shift into the “extreme fear” zone.

Liquidations Surpass Half a Billion Dollars

The aggressive sell-off triggered a wave of forced exits. Data from CoinGlass reveals that over $534 million in positions were wiped out in the last 24 hours, with long positions accounting for approximately $418 million of that total.

In the last 12 hours alone, liquidations reached nearly $334 million, suggesting that the rapid deterioration in sentiment caught many investors off guard. The largest single liquidation event occurred in a BTCUSDT pair, valued at over $7 million.

At the time of writing, Bitcoin is trading at $62,390, marking a daily decline of over 2% and a weekly drop of more than 5%.

Ethereum has shed nearly 4%, falling to $1,680. Other notable laggards include XRP, Solana, Dogecoin, and Hyperliquid, which posted weekly losses ranging between 6% and 13%.

Despite the negative trend among leading assets, specific market segments remained relatively resilient. This suggests that some investors are viewing the correction as an opportunity to rotate capital rather than exiting the crypto ecosystem entirely.

ETF Flows Remain Mixed

According to FarSide Investors, U.S. spot Bitcoin ETFs saw a net daily outflow of approximately $68 million on June 22. The heaviest pressure originated from Grayscale’s GBTC and BlackRock’s IBIT, which combined to offset positive inflows into other products.

The situation for Ethereum ETFs appeared even weaker. These funds recorded a net outflow of roughly $66 million, with the bulk of the capital exiting BlackRock’s ETHA. The data suggests that investors are temporarily scaling back exposure to higher-risk digital assets.

In contrast, XRP ETFs continued to attract capital. Bitwise’s product recorded a new inflow of over $5 million, contributing to a total daily net inflow of $5.31 million for the sector.

Flows for Solana and Hyperliquid ETFs remained neutral, showing no significant movement during the latest reporting session.

Market participants are now closely watching to see if this sell-off deepens or remains a short-term correction following the strong rally of recent months. For now, the combination of dampened sentiment, leveraged liquidations, and inconsistent ETF flows continues to weigh on digital asset prices.