Bitcoin retraces to $622,000! 24h liquidations total $426 million—tonight’s CPI will set the direction

On the morning of June 10, 2026, Bitcoin is quoted at $61,784, down 1.3% over 24 hours, rebounding slightly from the June 6 bottom of $59,353 but still lingering in a weak zone. Ethereum is quoted at $1,641, down 1.27%. Over the past 24 hours, the total market liquidation reached approximately $426 million, with over 80% of longs wiped out. The fear and greed index today hit 9 (extreme fear), and tonight's US May CPI release is the biggest variable in the market.
(Background: Bitcoin fell back to $62,400! ETF's largest weekly outflow in history of $3.4 billion, with multiple liquidations of $283 million bloodbath)
(Additional context: Bitcoin dropped 17% in seven days, Ethereum collapsed 22%, creating the "worst week since FTX" with the total crypto market cap evaporating $62k)

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• Liquidation Data: $426 million in 24 hours, over 80% of longs wiped out
• Trigger Factors: Tonight’s CPI release, record weekly ETF outflows, hawkish pressure from Warsh
• Other Coins: SOL, XRP also weakening
• Market Sentiment: Fear index hits 9, waiting for CPI to set the direction

Bitcoin continues its weak trend for nearly two weeks, quoted at $61,784 on the morning of June 10, with a 24-hour decline of only 1.3%, but this figure masks deeper market scars. BTC’s high point in the past 14 days was on May 27 at $75,858, then it steadily declined, reaching a recent bottom of $59,353 on June 6 before a slight rebound. Currently, it struggles near the low end around $62k. Ethereum also remains weak, quoted at $1,641, down 1.27% in 24 hours, with limited recovery from the June 6 low of $1,522, still more than 20% below the peak of $2,082 from 14 days ago.

Liquidation Data: $426 million in 24 hours, over 80% of longs wiped out

According to CoinGlass, the total market liquidation over the past 24 hours was about $426 million (425.68M USD), with a severe imbalance between longs and shorts. Within just 12 hours, long liquidations reached $249.87 million, while short liquidations were only $60.06 million, with longs accounting for nearly 80%. The continuous forced liquidation of bullish bets at low levels indicates that the market has yet to form an effective support consensus.

Trigger Factors: Tonight’s CPI release, record weekly ETF outflows, hawkish pressure from Warsh

The core catalyst for today’s cautious market atmosphere is the US May CPI to be released tonight (2026-06-10). April’s CPI year-over-year increase reached 3.8%, hitting a new high since May 2023; if May’s figure again exceeds market expectations of 3.6%, it could completely extinguish the last hope for rate cuts in 2026.

The FOMC will hold a meeting from June 16 to 17. CME FedWatch currently shows a 99% probability that rates will remain unchanged at 3.5-3.75%. Fed Chair Kevin Warsh was sworn in on May 22, with a clearly hawkish stance. Market uncertainty about future monetary policy continues to suppress risk assets.

Funding conditions are also bleak. The US Bitcoin spot ETF experienced the largest weekly outflow in history of $3.4 billion as of June 5, with 13 consecutive days of net outflows before that; the sale of BTC by listed company Strategy (MSTR) further intensified selling pressure at market lows.

Other Coins: SOL, XRP also weakening

Solana (SOL) is quoted at $65.01, down 0.78% in 24 hours, with a range from $63.54 to $67.47, showing relatively mild decline but still unable to escape the overall weak atmosphere. XRP is quoted at $1.133, down 1.91%, the deepest among the four major coins, with a 24-hour range from $1.119 to $1.177, briefly approaching the $1.1 support level during the day.

Market Sentiment: Fear index hits 9, waiting for CPI to set the direction

The fear and greed index today is at 9 (extreme fear), down from 10 yesterday and 11 last week, all in the extreme fear zone and continuing to hit new lows, indicating that market confidence has yet to show any signs of recovery.

US stocks on June 9, 2026, also closed under pressure: S&P 500 down 0.26% to 7,386.65, Nasdaq down 0.97% to 25,678.82. Trump’s hint at considering resuming military action against Iran dampened risk asset sentiment, with tech stocks leading the decline.

Ahead of the CPI release, most traders are choosing to stay on the sidelines. If tonight’s inflation data is below expectations, BTC may test higher from the low of $62k; conversely, if it surprises to the upside again, the recent bottom of $59,353 will face re-examination.