Bitcoin stubbornly holds at “$63,000” as altcoins bleed out and retreat! $1.25 billion liquidations in a single day, and the fear index plunges to 12

Bitcoin struggles to build a bottom near $63k. Over the past 24 hours, it briefly dipped to $61,383 before recovering to $63,177, but Ethereum, Solana, and XRP all fell more than 3%, with altcoins suffering a complete collapse. The total liquidation across the network in 24 hours reached as high as $63k, with multiple armies continuously being wiped out while trying to bottom fish; the Fear and Greed Index remains at 12 (Extreme Fear) for consecutive days. Despite the US stock market performing relatively well during the same period, it failed to boost the crypto market, leading to a severe decoupling between crypto and traditional capital markets.
(Background summary: The Great Escape! Bitcoin fell below $63k, hitting a 14-day low, with 166k traders liquidated totaling $1.12 billion, with 85% of the liquidations by multiple armies.)
(Additional background: Wintermute’s latest analysis: Crypto market and US stocks are "severely decoupled"! Capital is rushing into AI, skipping Bitcoin, while long-term whales are quietly building OTC positions.)

Table of Contents

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• Liquidations of $1.25B: Multiple armies being wiped out while trying to bottom fish
• Triple negative shocks: ETF outflows, sticky inflation, Fed holding steady
• Altcoins in distress: SOL down 3.3%, XRP down 3.1%
• Fear Index at 12: Extreme Fear has become the norm, what’s next?

Bitcoin is crawling precariously near the $63k mining pit. As of 9:00 AM Taipei time on June 5, 2026, BTC is quoted at $63,177, with a 24-hour change of only -0.08%, nearly flat on paper. But behind this "calm" was a dramatic turnaround from a low of $61,383 back up to current levels, after peaking at $77,689 on May 22 last week. In less than two weeks, Bitcoin has evaporated over $20,000 from its recent high, and yesterday (6/4), it plunged to this wave’s bottom at $62,114.

Altcoins are not as "graceful." Ethereum is currently at $1,752, down 1.93% in 24 hours, with a daily low of $1,717; nearly halved from its $2,141 high on May 24. This morning, the crypto market is not consolidating but bleeding.

Liquidations of $63k: Multiple armies being wiped out while trying to bottom fish

In the past 24 hours, total liquidations across the network reached $166k, making it the most severe day recently.

A more detailed breakdown is even more shocking: in the last hour, liquidations totaled $25.18 million, with longs at $23.61 million and shorts only $1.56 million; in the last 4 hours, liquidations reached $88.92 million, with longs at $79.67 million and shorts at $9.25 million; in the last 12 hours, total liquidations hit $247 million, with longs at $160 million and shorts at $86.76 million. Long liquidations have consistently far exceeded shorts across all timeframes, indicating retail traders trying to bottom fish are getting caught, with the largest single liquidation amount reaching $5.99 million.

Simply put: shorts are not the main force; those trying to buy the dip are the ones burning money.

Triple negative shocks: ETF outflows, sticky inflation, Fed holding steady

This decline is not accidental but the result of multiple signals intersecting.

ETF outflows for 20 consecutive days: The US spot Bitcoin ETF has experienced net outflows for about 20 trading days in a row, with cumulative losses approaching $4.4 billion, setting the longest outflow record since its listing. Institutional funds are not just pausing but actively retreating.

Sticky inflation persists: US April CPI rose 3.8% year-over-year, exceeding market expectations; core inflation remains around 2.8%. Tensions in the Middle East continue to push oil prices higher, making the "last mile" of inflation difficult to address.

Federal Reserve remains on hold: The federal funds rate has been steady at 3.50% to 3.75% since January this year, with no clear path toward rate cuts. Non-yielding crypto assets continue to lose attractiveness in a high-interest-rate environment, and institutional risk-off strategies are ongoing.

The final comparison: US stocks closed yesterday (6/4) with the Dow up 1.73%, S&P 500 up 0.41% to new highs, while Nasdaq only dipped slightly by 0.09%. US stocks are relatively strong, but the crypto market is weak, highlighting a decoupling between crypto and traditional capital markets, more unsettling than any downward signal.

All Altcoins in distress: SOL down 3.3%, XRP down 3.1%

Beyond Ethereum, mainstream altcoins are also suffering:

Solana (SOL) is now at $67.98, down 3.30% in 24 hours, with a daily low of $66.80; down more than 22% from its $87.55 high on May 22.

XRP is at $1.1529, down 3.06% in 24 hours, with a daily low of $1.1407; nearly 16% below its $1.3712 high on May 22. Over the past 14 days, XRP has lost about 16%.

The total global cryptocurrency market cap has fallen to $2.29 trillion, a weekly plunge of 8.7%. This is not just a correction but more like systemic deleveraging.

Fear Index at 12: Extreme Fear has become the norm, what’s next?

Today, the Fear and Greed Index is at 12 (Extreme Fear), the same as yesterday, and down from 23 last week. Market sentiment has plunged from "Fear" to "Extreme Fear" within just a week, with no signs of improvement in recent days.

Three key indicators to watch for the future:

First, when will ETF capital flows turn positive again, signaling institutional revaluation of crypto assets? Second, can Bitcoin hold above $62,000 and $63,000 support levels? Yesterday’s low of $62,114 was the lowest in 14 days; if it breaks down, support levels need to be reassessed. Third, before the Fed’s next rate decision, the market will continue digesting inflation and interest rate expectations. Any CPI or employment data exceeding expectations could trigger a new round of sell-offs.

Bitcoin is holding at the lows, but the bloodshed in altcoins has not yet stopped.