Equity Rotation, Long Liquidations Push Crypto Down

Crypto traders withdrew $13.58 billion from the market as U.S. equity gains prompted a reallocation of capital and forced margin liquidations. The total crypto market capitalization fell 0.55% to $2.50 trillion, slipping below the 0.382 Fibonacci support level at $2.53 trillion over the past 24 hours.

Exchanges recorded $241.31 million in long liquidations and $103.52 million in short liquidations during the same period, for total unwinds of $344.83 million across 92,264 traders. The roughly 2-to-1 imbalance toward long liquidations corresponds with a wave of forced selling in leveraged positions.

Bitcoin traded near $75,202, down about 2% on the day, and moved below four key exponential moving averages: the 20-day at $77,394, the 50-day at $76,663, the 100-day at $76,805 and the 200-day at $81,363. Bitcoin also broke under the 0.382 Fibonacci level at $75,987. A daily close back above $75,987 would be needed to restore the nearer-term technical reference; a close below $73,874, the 0.5 Fibonacci, would put $71,762, the 0.618 level, into focus.

Near Protocol led losses among large-cap altcoins, falling about 10% to $2.50 and testing a recent swing low at $2.46 after a strong April–May rally. NEAR accounted for approximately $13.21 million of the day’s long liquidations. Immediate support is at $2.46 and $2.32; reclaiming $2.81 would reopen upside targets at roughly $3.39, $3.97 and $4.91 based on common Fibonacci projections.

Other market developments included an upgrade on the XRP Ledger that activated the fixCleanup3_1_3 amendment; XRP traded near $1.35 following the maintenance. In the exchange-traded product space, Bitwise’s spot Hyperliquid ETF gathered about $40 million in its first eight trading days, and a large trader opened a $9.1 million 10x long position on HYPE.

On sports sponsorship, no cryptocurrency firms appeared in the top global sponsor tier for the upcoming World Cup; ADI Predictstreet was announced as the tournament’s first prediction market partner.

Exponential moving averages smooth recent price action to indicate trend direction. Fibonacci retracements mark commonly watched support and resistance levels. Liquidations occur when leveraged positions are force-closed by exchanges, which can amplify price movements, and shifts in equity performance can draw marginal risk capital away from higher-volatility assets such as cryptocurrencies.