TLDR
- Bitcoin fell below $62,000, wiping out over $1.5 billion in leveraged crypto positions in 24 hours
- More than 208,000 traders were liquidated, with Bitcoin accounting for $800 million of losses
- U.S. spot Bitcoin ETFs saw roughly $1 billion in net outflows this week, extending a record withdrawal streak
- Stock futures fell as doubts grew over President Trump’s ability to end the Iran war
- SpaceX confirmed a $75 billion IPO plan, and Broadcom earnings disappointed on AI chip sales
Bitcoin fell sharply on Thursday morning Hong Kong time, dropping below $62,000 and triggering a wave of forced selling across crypto markets. The move was one of the steepest declines in months.
Data from CoinGlass showed more than 208,000 traders were liquidated in the past 24 hours. Bitcoin positions accounted for over $800 million of those losses, with Ether adding another $386 million.
The total liquidations across all crypto assets came in at more than $1.5 billion.
Institutional Selling Adds Pressure
Institutional demand has also been weakening. U.S. spot Bitcoin ETFs recorded around $1 billion in net outflows this week, according to SoSoValue data. That extends what is already a record streak of weekly withdrawals from these funds.
Analysts at Presto Research say Bitcoin’s drawdowns this year have lined up with rallies in gold and artificial intelligence stocks. Their view is that investors have been shifting capital away from Bitcoin as they lower their expectations for Federal Reserve rate cuts.
Presto said a Bitcoin recovery could depend on easing inflation data and a shift back toward assets that benefit from looser monetary conditions.
Stock Futures Slip on Iran Uncertainty
On the equities side, U.S. stock futures dipped Thursday as uncertainty around the Iran conflict weighed on sentiment.
Futures tied to the S&P 500 fell about 0.5%, while Nasdaq 100 futures dropped around 0.6%. Dow futures were near flat.
The move came after the House of Representatives voted Wednesday night to end the war with Iran, a rebuke to President Trump. Stocks had already pulled back from record highs earlier in the day as hopes for a quick deal faded and oil prices rose.
Broadcom reported earnings that fell short of investor expectations on projected AI chip sales, adding to the negative tone. SpaceX filed paperwork confirming plans for a $75 billion IPO, which would be a record-breaking listing.
Thursday also brings two labor market readings ahead of Friday’s May jobs report: weekly jobless claims and layoff data from Challenger, Gray & Christmas.
Earnings reports are due from Ciena Corporation, lululemon athletica, and DocuSign before markets close.
Bitcoin’s drop below $62,000 and the record ETF outflow streak mark the sharpest stretch of selling pressure for crypto in 2026 so far.
🚨 Our MAY Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for May, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
