Hupzy (Spot On Chain)|Jun 04, 2026 03:23
🚨 $1.8B in leveraged crypto positions liquidated today — the largest single-day wipeout since January 2026, as 𝗕𝗧𝗖 broke below $63K and ETH fell under $1,800.
𝗛𝘂𝗽𝘇𝘆 𝘁𝗮𝗸𝗲: Liquidations of this scale typically mark capitulation zones, but only after the dust settles. The tape remains dominated by structural selling — FG Nexus dumping ETH, Mt. Gox depositing BTC to exchanges, and the Hyperliquid whale $58M underwater. Until liquidation volume contracts and funding turns neutral, any bounce is a dead-cat rally.
BTC below $63K with no clear support printed yet; ETH under $1,800 with $1,789 as the last defense. The flush needs to complete before either level holds.
--source: https://x.com/KobeissiLetter/status/2062373861358764481
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