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Crypto Longs Get Torched in $1.84 Billion Liquidation Flush

By Isaac • June 3, 2026 2:46 pm • Comments

Roughly $1.84 billion in crypto leveraged positions were liquidated over 24 hours on Wednesday, June 3, as Bitcoin plunged below $66,000 and Ether broke under $1,900.

The long side carried the pain. About $1.66 billion of the wipeout hit traders betting on higher prices.

Bitcoin had been sitting above $71,000. It slid to around $65,700 before the bleeding slowed.

Trending: Ether Loses $2,000 and Now the $1,800 Line Is the Real Test

This was a leverage reset, not a slow drift lower. Crowded bullish positioning got forced out across Bitcoin, Ether, Solana and Dogecoin in hours.

The single largest liquidation cited was a $59.67 million BTC-USDT long closed on HTX. Binance, Hyperliquid and Bybit handled the bulk of the rest.

CoinDesk laid out how fast the bullish side unwound:

Roughly $1.84 billion in crypto leveraged positions were liquidated across the past 24 hours as bitcoin plunged below $66,000 and ether (ETH) broke under $1,900, the largest single-day wipeout since February 5 and a near-pure flush of long bets, with longs taking $1.66 billion of the total and shorts only $180 million, per CoinGlass data.

A liquidation is when an exchange automatically closes a leveraged trade because the trader’s losses have exceeded the collateral they posted to open it.

Long positions bet that the price will rise, while short positions are bets on prices falling.

Bitcoin longs absorbed $883.66 million of the damage, ether longs another $475.73 million and solana (SOL) longs $91.18 million, with the remaining roughly $390 million spread across HYPE, DOGE, SUI, BNB, NEAR, AAVE, LINK and the broader top-30 long book.

The single largest order was a $59.67 million BTC-USDT long unwinding on HTX.

Traders had spent the prior days hoping crypto would catch up to the global stock rally. Instead the move went the other direction.

The liquidation map showed where the pressure was building. CoinGlass flagged high leverage liquidity stacked just above and below the price.

The heatmap pointed to clusters around $68,500 and $65,800. Price ran right through both as longs got cleared out.

The next stress line is $65,000. A clean break under that level is what some traders see opening a path toward $60,000.

That is the number to watch on the downside. It is where the recent support thins out and forced selling could pick back up.

While leveraged longs were getting flushed, at least one large trader played the move cleanly. Arkham tracked an on-chain whale closing a big Bitcoin short into the drop and rotating straight into Ether.

The wallet, labeled pension-usdt.eth, closed a $100 million BTC short for about $3.2 million in profit and opened a $91.35 million ETH short. Same direction, fresh target.

That is the texture of a flush like this. The crowd leaning long gets carried out while a handful of positioned traders harvest the move.

None of this changes the larger setup. Big leverage clearouts shake out weak hands and reset funding, which is healthier for the next leg than a market grinding higher on borrowed money.

The hold to track now is $65,000 on Bitcoin. Defend it and this looks like a reset.

Lose it, and the path to $60,000 is the live conversation.

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