The cryptocurrency market has witnessed significant liquidations in the past 24 hours due to sharp price declines in leading assets.
Crypto Market Liquidations
The cryptocurrency market recorded liquidations totaling $967 million, putting significant pressure on assets such as Bitcoin, Ethereum, Solana, and XRP. According to CoinGlass, $346.83 million was liquidated for Bitcoin, $279.92 million for Ethereum, $50.72 million for Solana, and $22.80 million for XRP. This spike in liquidations occurred amid rising tensions between U.S. President Donald Trump and Elon Musk.
Open Interest and Its Impact
Open interest data reveals mixed signals across the market. Bitcoin futures open interest currently stands at 685,730 BTC, valued at $71.28 billion. The Chicago Mercantile Exchange (CME) leads with 148.42 thousand BTC, followed by Binance with 119,170 BTC. Despite the large volume, the change in open interest remains minimal, indicating uncertainty among traders.
Positive News for Bitcoin
Despite the price drop, the mid-term outlook for Bitcoin may be favorable. On June 6, 2025, Bitcoin reached block height 900,000, marking a significant milestone for the network. This confirms the blockchain's reliability, maintaining 99.98% uptime since its launch in 2009. The network's stability could help restore investor confidence and promote market recovery, especially if external market tensions ease.
In light of significant liquidations and price drops, the cryptocurrency market continues to respond to internal and external factors. Investors are closely monitoring the situation.
