1.6B Crypto Liquidations, 10M BTC Underwater: Is This Bitcoin’s Bottom?

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(SeaPRwire) –   By: Christian Brooks

The crypto market just took a $1.6 billion hit. Everyone is asking if Bitcoin’s worst selloff of 2026 is finally over. BTC dipped to $59,100, its lowest point of the year, before rebounding above $60,000. As of Saturday, it traded around $60,702, down 1% on the day.

The selloff traced back to stronger-than-expected US jobs data. The economy added 172,000 jobs in May, double the 85,000 forecast. April’s numbers were revised up by 64,000. This crushed hopes for Federal Reserve rate cuts. Treasury yields and the US dollar rose, hitting all risk assets. The Nasdaq 100 dropped 5%, its worst fall since April 2025. The S&P 500 slid 2.6%. Crypto got caught in the same downward wave. CoinGlass data shows $1.6 billion in 24-hour liquidations, mostly long positions. Bitcoin made up over $500 million of that total, with Ether accounting for more than $400 million. Ether dropped 20% in a week. Solana, XRP, Dogecoin, and BNB all saw double-digit weekly losses. Strategy sold Bitcoin for the first time since 2022. US spot Bitcoin ETFs had outflows for two straight weeks. Analyst Ali Charts noted 10.46 million BTC are held at a loss, a level that historically precedes major market bottoms. Trader Daan Crypto Trades said BTC erased its April-May rally, calling it “stairs up, elevator down.” Commentator Exitpump flagged near-negative funding rates as early signs of seller exhaustion.

Traders are glued to the $60,000 support level right now. The on-chain data suggests selling pressure could fade soon, but the recent Strategy sale and ETF outflows cast real doubt. Tighten your stop-losses if you’re holding leveraged positions.

Author bio: Christian Brooks, a prominent financial and business lead commentator with 15 years covering global digital asset markets.