Key Highlights
- BTC, ETH, XRP, BNB and SOL all dropped as a Nasdaq-led AI-chip rout spilled into crypto and pushed Bitcoin below $60,000.
- A total of $861.11 million in positions were liquidated in 24 hours, with longs absorbing 91% of the damage across 168,583 traders.
- Ethereum and XRP led weekly losses among the majors, down 11.25% and 12.40%, while TRON held green against the selloff.
Bitcoin, Ethereum, XRP, BNB and Solana all sold off on June 24, with the broader crypto market sliding into a fresh deleveraging spiral as a global selloff in AI and semiconductor stocks spilled into digital assets.
$861 Million Liquidated as Longs Get Flushed
The deleveraging was one-sided. CoinGlass data shows $861.11 million in crypto positions liquidated over 24 hours, with long positions accounting for $784.93 million — roughly 91% of the total — across 168,583 traders.
Bitcoin led the wipeout at $343.03 million, followed by Ethereum at $193.54 million and Solana at $40.38 million. The single largest order was a $12.01 million BTC long on Binance, which also topped exchange-level liquidations at $255.31 million over the prior four hours, ahead of Hyperliquid at $104.94 million and Bybit at $92.91 million.
The Majors Bleed, but the Damage Isn’t Even
| Asset | Price | 24h | 7d | Market Cap |
|---|---|---|---|---|
| Bitcoin (BTC) | $59,518 | −4.43% | −8.94% | $1.19T |
| Ethereum (ETH) | $1,566 | −5.37% | −11.25% | $189.04B |
| BNB | $549.90 | −4.03% | −8.87% | $74.11B |
| XRP | $1.05 | −3.79% | −12.40% | $65.44B |
| Solana (SOL) | $65.14 | −5.16% | −10.89% | $37.81B |
| TRON (TRX) | $0.3249 | −1.41% | +1.42% | $30.81B |
The headline is a broad-based crash, but the weekly tape shows clear separation. XRP and Ethereum are the worst-hit majors, down 12.40% and 11.25% over seven days, while Bitcoin and BNB held comparatively better near 9%. TRON is the lone large-cap in the green on the week, its low-fee network absorbing transfer flow as traders rotated toward cheaper rails.
The stablecoin pegs held throughout, with USDC inching marginally higher as capital parked in cash rather than chasing the dip — a textbook flight-to-safety signal inside a risk-off session. With Bitcoin dominance holding firm, capital that stayed in the market stayed anchored in majors rather than rotating into higher-beta alts.
AI Chip Rout Spills From Wall Street Into Crypto
The move did not start in crypto. The Nasdaq Composite closed 2.21% lower on June 23 in a semiconductor-led rout that began overnight in Asia, where South Korea’s chip-heavy KOSPI fell close to double digits and tripped a circuit breaker.
Memory names led the damage, with Micron down more than 11% and the broad semiconductor complex following, after Broadcom’s latest guidance failed to deliver the upgrade markets had priced in and reignited doubts over whether AI spending will produce the profits its valuations assume. Crypto, the most liquid risk proxy available around the clock, absorbed the spillover directly — a dynamic CoinMarketCap’s own news desk flagged under the banner “AI chip rout drags BTC and majors.”
Fed Rate-Hike Fears and ETF Outflows Deepen the Selloff
The macro backdrop offered no cushion. The Federal Reserve has opened the door to a rate hike in 2026, and markets are now pricing close to a 90% chance of at least one increase by year-end, up sharply from 57% a week earlier, as inflation prints push back toward 4%.
Higher-for-longer rates drain the cheap liquidity that risk assets depend on. Compounding the pressure, U.S. spot Bitcoin ETFs have now logged six consecutive weeks of net outflows, removing the institutional bid that absorbed earlier selloffs.
Key Levels to Watch
With the $60,000 floor gone, Bitcoin’s next meaningful support sits near $56,000, and bulls need to reclaim the $62,000–$63,000 zone for any sign of stabilization. Ethereum is defending $1,500, while XRP’s $1.00 psychological line and Solana’s $64–$65 area are the levels to watch into the back half of the week.
Also Read: Why is Bitcoin Price and the Crypto Market Down Today?
