Bitcoin “dips below $62k” bloodbaths Ethereum bulls! 714 million in liquidations, 144k people forced to exit, and the fear index falls to 23

Crypto Market 6/23 Afternoon Plummets Across the Board, Bitcoin Slides from Peak of $67,203 on 6/16, Touches $61,938 Today, 24-Hour Drop of 2.70%; Ethereum Crashes 5.45% to $1,635. CoinGlass Data Shows Total Liquidations in the Past 24 Hours Reached $714 Million, 144,121 Traders Forced to Liquidate, Over 80% Long Positions, Showing a Typical Longs Killing Shorts Pattern. Fear and Greed Index Today Reports 23, Entering Extreme Fear Zone.
(Background: Powell Takes Over as Fed Chair for First Time) Fed Holds Rates Steady, Dot Plot Significantly Upgrades Inflation Forecast, Fully Raises Rate Path)
(Additional Context: Bitcoin Rallied to $65k and Fell Back! Bulls Suffer Bloodbath, $368 Million Liquidated in 24 Hours, Fear Index Only 23)

Table of Contents

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• Liquidations of $714 Million, Intense Longs Killing Shorts: Largest Single Liquidation $80.66 Million
• Trigger Factors: Hawkish Powell, ETF Outflows Continue, US Tech Stocks Plummet
• Altcoins Suffer Simultaneously: SOL Down Over 6%, XRP Breaks $1.10
• Sentiment in Extreme Fear, Watching Fed Movements and ETF Capital Flows

Bitcoin has been sliding from its recent high of $67,203 on 6/16, reaching a low of $61,938 on 6/23 Taipei time in the afternoon, closing at $62,450, down 2.70% in 24 hours, over 7% off its peak. Ethereum's decline is even sharper, dropping 5.45%, with a low of $1,635, nearly an 11% drop from its 6/16 peak of $1,843; the entire market is under pressure, risk sentiment cooling rapidly.

Liquidations of $714 Million, Intense Longs Killing Shorts: Largest Single Liquidation $80.66 Million

This downward move triggered a chain of liquidations in the derivatives market. According to CoinGlass data, total forced liquidations in the past 24 hours reached $714 million (713.77M), involving 144,121 traders. Among them, long positions account for 83%, approximately $595 million, while shorts are only $119 million, a typical longs killing shorts pattern, with leveraged longs caught chasing the rally. The largest single liquidation was $80.66 million.

From a time perspective, liquidations are accelerating: $189 million in the past hour, $411 million in 4 hours, and $513 million in 12 hours, indicating selling pressure continues to release, with no clear signs of stabilization.

Trigger Factors: Hawkish Powell, ETF Outflows Continue, US Tech Stocks Plummet

The recent pullback is mainly driven by macro pressures. Fed Chair Powell (Kevin Warsh) delivered a hawkish stance on 6/18 after first presiding over the FOMC: rates remain at 3.50%-3.75%, but the dot plot significantly upgrades inflation forecasts, implying rate hikes could still occur in 2026, and explicitly refusing to give any rate cut commitments. This statement continues to suppress risk asset sentiment, fermenting to this day.

Meanwhile, US spot Bitcoin ETFs have experienced net outflows for several weeks, indicating a clear retreat of institutional funds. On 6/22, the Nasdaq closed down 1.32% at 26,166 points, with Alphabet plunging 5%, Amazon down 4.8%, Microsoft down 3%, all tech stocks weakening, dragging the crypto market lower in tandem.

Altcoins Suffer Simultaneously: SOL Down Over 6%, XRP Breaks $1.10

SOL suffered the deepest decline, dropping 6.79% in 24 hours, with a low of $68.16, compared to its 6/16 peak of $75.60, a decline of over 9% in just one week. XRP also declined, down 2.73% to $1.103, with a 24-hour low of $1.0946, about a 14% drop from its 6/16 peak of $1.29.

Sentiment in Extreme Fear, Watching Fed Movements and ETF Capital Flows

The Fear and Greed Index today reports 23, entering the "Extreme Fear" zone, slightly up from yesterday’s 20, but overall sentiment remains subdued. In the short term, market focus will continue to be on the Fed’s next stance, whether US tech stocks can stabilize, and whether BTC ETF capital flows can turn positive. Technically, Bitcoin needs to hold the 24-hour low of $61,938; if it breaks below, it may further test the $61,000 support level.