finance
Bitcoin Swings Sharply, Tops $63,700 Before Pulling Back as Shorts Lose $504M and Longs Lose $151M
Bitcoin climbed from below $60,000 to top $63,700 on June 8 before easing to around $62,900. Short sellers lost $504 million in 24 hours, the largest daily total since late April.
Jun 8, 1:53 AM·1m read1 source
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Bitcoin rose from below $60,000 to top $63,700 on Monday morning before easing to around $62,900 later in the day. The rebound triggered $504 million in losses for traders holding short positions over the 24 hours ending Monday morning, the largest single-day total since late April, according to CoinGlass data reported by CoinDesk.
Total crypto liquidations reached roughly $655 million and affected more than 104,000 traders during the same period.
Bitcoin positions accounted for $315 million of the liquidations and ether positions for $201 million. 3 million bitcoin futures position on OKX. Bets on rising prices lost $151 million over the same 24 hours.
Bitcoin had climbed to near $63,800 over the weekend of June 6-7 before the Monday peak and subsequent pullback. The price recovery followed a nearly 14% decline last week that briefly pushed bitcoin below $60,000. That drop coincided with Strategy’s first bitcoin sale since 2022, profit-taking in artificial-intelligence stocks, and record outflows from spot bitcoin exchange-traded funds.
Renewed strikes between Iran and Israel on June 8 sent oil prices up more than 3% and contributed to the pullback in bitcoin. South Korea’s KOSPI index fell almost 7% on the same day. President Donald Trump urged Israel not to retaliate further.
Bitcoin reached as high as $63,700 on Monday morning before retreating, CoinDesk data showed. U.S. inflation figures and a wave of major IPOs including SpaceX.
