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Friday Dump Sends BTC Below $70K

The selloff triggered $450 million in liquidations.
David C David C Jun 7, 20241 min read
Friday Dump Sends BTC Below $70K

A major selloff on Friday caused Bitcoin to drop below $70K, despite record ETF inflows during the week.

What's the scoop?

  • Majors Hit: After challenging its all-time high, Bitcoin fell to $69K, marking a 2.5% drop over the past 24 hours, while ETH and SOL dropped 4% and 7%, respectively.
  • Liquidations Spike: These crashes resulted in $450M in liquidations, the largest since April, data from Coinglass shows.
  • Interest Rates and Employment: Bitcoin's decline started after a stronger-than-expected employment report, which dashed hopes for imminent interest rate cuts.
  • GameStop Stream Aftermath: Roaring Kitty's underwhelming YouTube livestream was also a potential driver of further drops across meme-driven finance. Memecoins like DOGE, SHIB, and PEPE also fell by 8%, 10%, and 15%.

Bankless Take:

While strong ETF inflows suggest ongoing institutional interest, macroeconomic factors and market sentiment can quickly turn the tide. Despite significant accumulation, Bitcoin's dip below $70K underscores the market's sensitivity to economic data and the influence of highly anticipated events, which usually mark sell-the-news events, even Keith Gill’s stream. While there is pain in the market today, it’s good to remember that it's still only a 2-3% drop.

David C

Written by David C

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David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.

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