- Four-month minimum: The asset’s value fell to $61,309 in the last 24 hours before experiencing a slight rebound.
- Massive profit-taking: A wallet identified as “pension-usdt.eth” closed a 1,400 $BTC short, consolidating a profit of 3.56 million dollars.
- Record liquidations: The derivatives market recorded the loss of 634.6 million dollars stemming exclusively from liquidated bullish positions.
In the last 24 hours, the bearish momentum of the Bitcoin price intensified after losing the floor of $70,000. The pioneer crypto descended to touch $61,000, its 4-month minimum. At the time of writing this information, the price was around $63,500, meaning an intraday drop of 4.7%.
This retreat towards levels not seen since February provoked a sharp increase in derivatives market activity, forcing whales to restructure their operational positions.
Strategic movements in the derivatives market
As the cryptocurrency’s value decreased, contracts betting on the downside became highly profitable. Data from the On-chain Lens analysis platform reveal that the whale address “pension-usdt.eth” completely closed a 1,400 $BTC short position valued at $93.8 million dollars.
Whale “pension-usdt.eth” has completely closed its $BTC short position, making $3.56M.
It has also opened a new 50,000 $ETH (3x) short position (value: $89M), already up over $4.5M in profit. Its profit is now over $39.6M.https://t.co/ohgVO05G88 pic.twitter.com/wzeWq8tT45
— Onchain Lens (@OnchainLens) June 4, 2026
Following this, the trader extended their streak to 21 consecutive winning transactions. Blockchain records reveal that this latest exit yielded a net profit of $3.56 million dollars. Afterwards, the same funds were rotated towards the Ethereum ecosystem. The proliferation of positive returns for short positions suggests solid control by sellers in the current price action.
In parallel, retail and institutional traders continued to open new sell contracts. Bitcoin’s Long/Short Ratio retreated to the level of 0.94. Market reports suggest that most participants maintain a bearish stance and project additional drops in the short term.
Million-dollar losses and technical pressure on support
While downside-oriented traders were consolidating their returns, investors positioned for the upside experienced large-scale losses. Analysis from On-chain Lens indicates that operator Garret Jin’s positions register floating negative balances. Their long contract leveraged at 5x on Bitcoin accumulates unrealized losses exceeding $17 million dollars.
Despite the deterioration in their balance, the investor keeps the operation open. Network metrics indicate they disbursed $153,000 dollars in funding fees to avoid the forced execution of their collateral.
However, a considerable number of participants failed to elude the forced closure of their accounts. Statistics consolidated by the firm CoinGlass demonstrated that the total volume of Bitcoin liquidations amounted to $752 million dollars globally on the last day. Of that figure, a total of $634.6 million dollars corresponded exclusively to long contracts destroyed by the drop.
The cryptocurrency’s technical landscape shows a continued increase in bearish strength metrics. The Average Directional Index (ADX) combined with the simple moving average (SMA) rose to a new high of 47 points in its negative reading. Simultaneously, the general ADX indicator rose to 38 integers, while the positive directional index decreased to 6 units.
According to traditional analytical readings, when momentum oscillators are configured in this manner, considerable downward pressure is evidenced. Technical analysts suggest that this scenario usually anticipates the continuity of the current bearish structure.
If current market conditions persist, the price could breach the psychological barrier of $60,000 and head towards the technical level of $58,600. To invalidate this negative bias, the asset needs to reclaim $70,000 and consolidate a daily close above the resistance of $74,000.
The behavior of institutional flows in Bitcoin ETF exchange-traded funds at the close of this week presents itself as the next verifiable milestone to determine the sustainability of current support.