$600M Wiped Out in Hours: Crypto’s Leverage Bloodbath Just Hit BTC and ETH Hardest

Crypto markets sold off hard on June 24, wiping out more than $600 million in leveraged long positions within hours. Bitcoin and Ethereum absorbed the heaviest of the crypto liquidations.

The drop was broad rather than isolated. Nearly every major token turned red, and the forced selling concentrated on the largest exchanges. Binance led every venue.

Red Floods the Market

A live cryptocurrency heatmap captured the scale of the rout. Bitcoin (BTC) showed a 4.07% daily loss on the snapshot, while Ethereum (ETH) fell 4.91%.

Large caps followed in lockstep. XRP dropped 4.28%, Solana (SOL) lost 4.13%, and BNB slid 3.78%. Dogecoin (DOGE) ranked as the worst major performer at 5.86%.

Cryptocurrency heatmap / Source: CoinGecko

The uniform selling pointed to risk-off pressure rather than a single token story. By press time the 24-hour declines had eased, with Bitcoin near $60,585 and Ethereum around $1,606 after a modest intraday bounce.

Longs Bear the Brunt of the Flush

The selloff was a leverage event. A 12-hour liquidation heatmap showed traders betting on higher prices getting wiped out across the board.

Bitcoin led with $336.47 million in liquidated longs. Ethereum followed at $188.82 million. Solana added $39.09 million, while a broad Others group totaled $70.80 million.

Liquidation heatmap / Source: Coinglass

Centralized venues took the largest hits. Binance recorded $350.58 million in liquidations, far ahead of the field.

Hyperliquid placed second at $147.24 million, a notable showing for a decentralized exchange. Bybit followed with $120.08 million, then Gate at $55.89 million and OKX near $47.84 million.

Liquidation heatmap on exchanges / Source: Coinglass

Crypto Liquidations: Bitcoin Hinges on $63,000 Wall

The Binance BTC/USDT liquidation leverage heatmap explains why any Ethereum and Bitcoin bounce may struggle. Bitcoin traded flat near $63,000 for most of June 23 before breaking down.

Price stair-stepped lower through June 24, sliding toward $59,700 before steadying around $60,000. The descent cut straight through dense liquidation clusters.

Those bright clusters now sit overhead between $61,500 and $63,000. They mark heavy leverage that could act as resistance on any rebound.

Binance BTC/USDT liquidation heatmap / Source: Coinglass

A reclaim of $63,000 would invalidate the bearish setup. A loss of the $59,700 support could expose lower levels and trigger another cascade.

Bitcoin now sits between a wall of overhead liquidations and a thin floor below. The next move depends on which level breaks first.

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