Long liquidations, ETF outflows pull crypto market down

Crypto markets slipped nearly 1% on June 10 to a $2.10 trillion total after $316 million in long liquidations and a fifth consecutive week of Bitcoin ETF outflows. Bitcoin fell about 3.2% to $61,324 as selling volume rose across major tokens.

Market data showed $316 million in long liquidations over 24 hours versus $81 million in shorts, with roughly $117.8 million of the long losses tied to Bitcoin. Net Bitcoin ETF outflows totaled about $168.81 million in the week ending June 9, marking the fifth straight week of withdrawals. The total market cap remains well below the May 10 peak of $2.72 trillion and has not reclaimed the $2.19 trillion level lost on June 4.

Bitcoin failed to clear the 0.236 Fibonacci resistance at $64,645 and has seen selling pick up since June 6. A further pullback would bring a downside test near $59,056. A daily close back above $64,645 would point to $68,103 next, while a sustained move above $73,692 would be required to re-establish a bullish structure. On the broader market, a break below $2.02 trillion in total capitalization would leave limited technical support beneath it.

High-beta tokens experienced larger losses. Hyperliquid traded at $55.65, down more than 10% and the weakest performer among the top 100, with about $12.9 million in liquidations over 24 hours. The token has remained inside a rising channel since May 14; a daily close under $55.13 would expose $46.94, while reclaiming $64.11 would reopen routes to $74.16 and $78.65.

Not all projects declined. Morpho gained 7.5% after announcing a $175 million funding round co-led by Paradigm, a16z crypto and Ribbit. The protocol holds over $11 billion in deposits. Ethereum sentiment measures fell into an “extreme fear” zone near $1,626, a level some trackers identify as a historical buy signal, though consecutive weeks of ETF outflows have reduced institutional demand.

Overall, the combination of liquidation-driven selling and continued ETF outflows tightened available demand and pushed prices down across major crypto assets.