Original | Odaily Planet Daily (@OdailyChina)
Author | jk
BTC Leads the Decline, Altcoins Suffer Across the Board, $1.7 Billion in Long Positions Liquidated
The cryptocurrency market faced a dismal start in June. OKX market data shows that Bitcoin has fallen to $66,500, while Ethereum has dropped below the $1,900 mark, with a 24-hour decline of 8%, now reported at $1,855; SOL is currently at $73, with the downturn spreading to major coins, altcoins, and various cryptocurrency-related stocks.
This round of sell-off triggered the largest scale of leveraged liquidations since February of this year. Over the past 24 hours, the cryptocurrency derivatives market has seen a total liquidation of over $1.7 billion, with long positions being the primary victims; Bitcoin-related long positions accounted for more than $1.5 billion in forced liquidations.
Liquidation data, source: Coinglass
This decline is not merely a spot market correction. Bitcoin spot ETFs experienced a net outflow of $483.8 million in a single day.
From a macro perspective, continuous selling by institutions is the core driving force behind this decline, with the overall cryptocurrency market showing an 84% correlation with the Dow Jones Industrial Index, indicating that both are facing common macro-level selling pressure.
Ethereum's drop below the psychological $1,900 mark, hitting an intraday low, has further exacerbated market panic. The triggering of automatic stop-loss orders and liquidations in major exchanges like Bitstamp and Binance formed a chain reaction, accelerating the downward trend.
Bitcoin spot ETFs saw a net outflow of $2.3 billion in May alone, the largest monthly outflow since 2026, and the most severe since November 2025. Previously, net inflows of $1.32 billion and $1.97 billion were recorded in March and April, respectively; the situation has taken a sharp turn, with the pace of institutional selling far exceeding what can be explained by price declines.
HYPE Falls Back After Hitting an All-Time High, Its Resistance Draws Market Attention
Against the backdrop of a widespread market decline, Hyperliquid (HYPE) stands out. HYPE reached an all-time high of $75.51 on June 2; as of writing, it has retraced to $68, down approximately 8% from 24 hours ago, but still up about 15% over the past week.
Currently, HYPE has a market capitalization of around $15.9 billion, with a 24-hour trading volume of $1.54 billion, ranking 10th among all crypto assets globally. From a broader perspective, HYPE's 15% rise over the past week stands out amidst an overall drop of 7.5% in the global cryptocurrency market.
Hyperliquid trend, source: Coingecko
The fundamentals supporting HYPE's price should not be overlooked either. HYPE surpassed Dogecoin’s market cap at the end of May, officially entering the top ten cryptocurrency assets by market value. BitMEX co-founder Arthur Hayes has publicly predicted that HYPE is expected to surpass Solana within the year. Additionally, Hyperliquid will unlock 9.92 million HYPE tokens (approximately $684 million) on June 6, accounting for 2.54% of the circulating supply, and the market is closely monitoring the potential pressure on price from this unlock.
Upward Trend: ZEC Becomes the Strongest Performer
Zcash (ZEC) is the most dazzling outlier in this market turmoil. ZEC has surged over 7% in the past 24 hours, hitting an intraday high of $628, with its market capitalization briefly jumping to 11th place in the cryptocurrency market, exceeding $11 billion.
From a news perspective, the core catalyst for this surge is the confirmation in the Q1 report from the ZEC Foundation that the U.S. Securities and Exchange Commission (SEC) has closed its investigation into it and will take no enforcement action. For a privacy coin project that has been mired in regulatory uncertainty for years, this news has been interpreted as a significant compliance positive by the market. However, this news was released a few weeks ago, and the property of resistance shown this time is still supported by ZEC's solid fundamentals.
Looking from a longer time frame, ZEC fell to a low of $185 in February but rebounded significantly, rising to a high of $688 in May—a gain of over 270%. The number of its shielded addresses has also increased from 1.47 million in 2024 to the current 5.11 million, indicating a sustained growth in on-chain privacy demand.
ZEC growth, source: Coingecko
From a technical perspective, cryptocurrency analyst Ali Martinez noted that a TD sequential buy signal has been triggered on ZEC’s 12-hour chart; if ZEC can hold the $500 support level, the next target points to $642. Additionally, governance voting for the Zcash network upgrade NU7 is expected to commence in June 2026, and the subsequent technical roadmap may continue to support prices.
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