Crypto Liquidations: $404M Short Squeeze Hits as BTC Leverage Cools Back to Calm

Crypto liquidations hit $404M in 24 hours as shorts absorbed 72% of forced closures. BTC leverage already cooling post-squeeze. On-chain data shows whale cohorts split. Not financial advice.

Shorts were stacked in. The market had other plans for them. The 24-hour window ending June 21 saw crypto liquidations  hit $404 million.

Short positions made up 72 percent of forced closures.  That is $291.7 million in bear bets gone wrong.  Shorts absorbed the damage, not longs.

Leverage Already Cooled Before Anyone Noticed

Funding rates tell it plainly.  On June 22, they ticked up to 0.003626.  Still far below the 30-day high of 0.018089.

Exchange netflow shifted from outflow to a small inflow.  About 522 BTC moved onto exchanges June 22.  The 7-day total still shows roughly 11,005 BTC leaving.

Source: CryptoQuant / Amr Taha via t.me/cryptohisenberg — BTC Exchanges NetFlow

Open interest sat near $20.92 billion on that date.  That is 10.3 percent below its 30-day average.  The squeeze cleared weak shorts without breaking anything structural.

When $60K Hit, the Big Wallets Were Already Moving

Bitcoin dropped toward $60,000 in early June.  Spot market activity spiked hard across four major exchanges.  Binance processed $4.7 billion in BTC spot that day.

Source: CryptoQuant / Amr Taha via t.me/cryptohisenberg — Bitcoin Spot Trading Volume by Exchange

Coinbase followed at $3.55 billion in volume.  Gate.io came in at 2.75 billion.  Bybit added another $2.1 billion.

Four exchanges, $13.1 billion, one session.  Something was absorbing the sell pressure.

It was not retail.

Two Whale Cohorts, One Move, Opposite Bets

The 60-day accumulation data shows a split between wallet cohorts.  Wallets in the 1,000 to 10,000 BTC range accumulated roughly 68,000 BTC on June 16.  The highest reading from that group since February 17.

Source: CryptoQuant / Amr Taha via t.me/cryptohisenberg — BTC Accumulation vs Distribution by Cohort 60D

Wallets holding 100 to 1,000 BTC moved the other way.  Their 60-day reading fell to negative 41,600 BTC on June 20.  The largest distribution from that cohort since February 19.

On June 21, OKX recorded roughly $765 million in net Bitcoin outflows.  More than 11,000 BTC at prevailing prices, per the CryptoQuant data .  Largest OKX outflow since May 22. Apparently.

STH SOPR Shows Conviction Still Missing

Short-term holder SOPR came in at 0.998239 as of June 21.  Just below 1, which means recent buyers are sitting near breakeven.  Market conviction has not fully recovered.

Source: CryptoQuant — Bitcoin Short-Term Holder SOPR

CryptoQuant called the setup neutral, that is to say not bullish, with a stabilization lean.  The view holds only if exchange inflows stay limited.  Funding and open interest both need to rise together before the read flips.

The bitcoin liquidation heatmap  still shows liquidity clusters sitting above current price.  Lower pockets cleared after the recent move down from the $80,000 range.  Open interest still sits about $2 billion below where it was seven days ago.

Disclaimer: This article is for news and informational purposes only. It does not constitute financial or investment advice. All price and on-chain analysis is based on publicly available data and cited sources.

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