₿ Crypto 🌍 GLOBAL

$1.5B Crypto Longs Wiped Out as Bitcoin Slips Below $62K

Bitcoin fell below $62,000 as $1.5 billion in crypto longs were liquidated, with Presto Research pointing to reduced Fed rate cut bets fueling rallies in AI stocks and gold at crypto’s expense.

📅 June 4, 2026 🕐 1 min read 📰 Coindesk

3 assets impacted (Crypto, Commodities, Stocks). Net bias: 2 Bullish, 1 Bearish, 0 Neutral. Strongest signal: BTC/USD ↓ 8/10 (85% confidence).

📊 Affected Assets (3)

BTC/USD

Bearish 🤖 85%

📅 Short-term 🌍 Global · Explicit

Bitcoin fell below $62,000, triggering $1.5 billion in long liquidations. Presto Research links the drawdown to markets scaling back Fed rate cut expectations, which has historically weighed on crypto. The forced unwinding of leveraged positions accelerated the decline.

Catalysts

▼ $1.5B in long liquidations
▼ Scaling back Fed rate cut expectations

Risk Factors

▲ Fed pivot to more dovish stance
▲ Bitcoin technical support at $60,000 holding

▼ Show FAQ (2) ▲ Hide FAQ

What triggered the $1.5 billion liquidation?

The cascading liquidations were triggered by Bitcoin's sharp drop below $62,000, which forced leveraged long positions to close as margin requirements were breached. The macro backdrop of reduced rate cut expectations added selling pressure.

Is Bitcoin likely to recover soon?

Short-term recovery depends on whether the sell-off exhausts itself and if macro conditions stabilize. The extent of liquidations suggests a potential short-term bounce, but if rate cut expectations continue to fade, Bitcoin could face further downside pressure.

XAU/USD

Bullish 🤖 70%

📆 Mid-term 🌍 Global · Explicit

Presto Research explicitly notes gold rallied alongside AI stocks as markets scaled back Fed rate cut expectations. The precious metal's rise amid reduced easing bets indicates a safe-haven bid, with traders rotating out of crypto and into gold.

Catalysts

▲ Scaling back Fed rate cut expectations

Risk Factors

▼ Higher real rates could eventually pressure gold
▼ Dollar strength if rate cuts are further delayed

▼ Show FAQ (2) ▲ Hide FAQ

Why is gold rallying when rate cut expectations decline?

Typically, fewer rate cuts would boost the dollar and weigh on gold. However, the concurrent inflow into gold suggests it is acting as a hedge against macro uncertainty, with capital rotating out of crypto and into perceived safer assets like gold.

Could gold continue to rise?

If markets further reduce rate cut bets, gold may face headwinds from a stronger dollar and higher real yields. However, the current safe-haven narrative and rotation out of crypto could sustain the rally in the short term.

NVDA

Bullish 🤖 60%

📅 Short-term 🌍 US ✨ Inferred

Presto Research identifies AI stocks rallying alongside gold as rates are repriced lower. NVDA, as the leading AI chipmaker, is a prime beneficiary of this rotation. The shift in capital from crypto to AI plays likely lifted NVDA shares.

Catalysts

▲ Rotation into AI stocks amid rate repricing

Risk Factors

▼ Fed rate cuts being repriced back
▼ NVDA earnings disappointment

▼ Show FAQ (2) ▲ Hide FAQ

Why would AI stocks benefit from reduced rate cut expectations?

AI stocks may benefit because the same macro conditions that slow crypto—such as a stronger dollar and cautious risk appetite—favor established growth stories like Nvidia, which has real earnings momentum. The rotation thesis suggests capital flows from speculative assets like crypto into fundamental growth plays like AI.

How significant is this rotation for NVDA?

The article does not quantify the impact, but historically, periods of crypto weakness have coincided with AI stock strength as risk appetite shifts within the tech sector. NVDA's dominance in AI makes it a likely recipient of this rotation.

🎯 Key Takeaways

Bitcoin's drop below $62,000 erased $1.5 billion in leveraged longs, signaling heavy speculative unwinding.
Presto Research identifies a correlation: Bitcoin drawdowns coincide with rallies in AI stocks and gold.
The macro driver is markets scaling back expectations for Federal Reserve rate cuts in 2026.
The liquidation cascade suggests potential forced selling and heightened crypto volatility.
AI stocks benefit from a rotation of capital into growth sectors amid shifting rate outlook.
Gold's rally alongside AI stocks indicates a nuanced playbook where traditional and growth safe havens rise together.
The divergence highlights crypto's sensitivity to rate expectations compared to equities.

📝 Executive Summary

Presto Research says bitcoin's drawdowns this year have coincided with rallies in AI stocks and gold as markets scale back expectations for Fed rate cuts.

❓ FAQ

Why did Bitcoin drop below $62,000?

Bitcoin's decline was exacerbated by $1.5 billion in long liquidations, as leveraged traders were forced out of positions. The sell-off aligns with a broader rotation away from crypto, which Presto Research links to scaled-back bets on Federal Reserve rate cuts.

What is causing AI stocks and gold to rally while Bitcoin falls?

Markets are reducing expectations for Fed rate cuts, which typically lifts the dollar and yields. Paradoxically, AI stocks and gold are benefiting from this shift, possibly as AI benefits from the same macro environment differently than crypto, while gold serves as a hedge against uncertainty.

Is this a long-term trend for Bitcoin?

Presto Research notes drawdowns have coincided with AI and gold rallies this year, suggesting a pattern. However, the magnitude of liquidations and crypto’s historical volatility mean the trend could reverse rapidly if Fed policy expectations shift again.

$1.5B Crypto Longs Wiped Out as Bitcoin Slips Below $62K

📊 Affected Assets (3)

🎯 Key Takeaways

📝 Executive Summary

❓ FAQ

📰 Related Articles

🏷️ Tags

📰 Source