Bitcoin slips under $60,000 after $532M Binance liquidations

Bitcoin fell below $60,000 after $532 million in long-position liquidations on Binance and a separate sale of 32 BTC by Strategy. The moves came amid a week in which the coin lost about 17% of its value.

Binance recorded roughly $532 million in liquidations of long positions over a 24-hour period, converting leveraged bets into forced sell orders. That selling pressure pushed prices through the $60,000 level on Friday.

Strategy sold 32 BTC for about $2.5 million to cover coupons on preferred shares. Strategy is associated with Michael Saylor and is the largest corporate holder of bitcoin, with reported holdings near 843,738 BTC acquired for nearly $64 billion. Critics including Peter Schiff warned the transaction could affect investor confidence.

Bitcoin is trading below its 200-week simple moving average for the first time in three years. The coin has lost more than half of its value from an all-time high near $126,000.

The decline was broad. Ether fell about 23% for the week to roughly $1,555, while Solana dropped about 22% to near $63.75. Shares of companies tied to crypto also moved lower, with Strategy’s equity down almost 10% and Coinbase shares off about 8.4%.

Other market data cited alongside the price moves include a stronger U.S. labor market, where nonfarm payrolls rose by 172,000 in May, and limited inflows into U.S. spot bitcoin ETFs, which recorded a small inflow of just over $3 million after 13 days of outflows. Retail interest shifted toward technology stocks linked to artificial intelligence, and a vulnerability in the Zcash network caused a one-day price drop exceeding 40%; developers patched the bug but could not confirm whether it had been exploited.

The sequence of large forced liquidations, the corporate sale, weak ETF flows and security concerns occurred within the same week and coincided with the break below the $60,000 level.