{"id":73793,"date":"2026-06-09T20:24:57","date_gmt":"2026-06-09T20:24:57","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-reverses-24-hour-rally-as-glassnode-flags-8m-btc-at-a-loss\/"},"modified":"2026-06-09T20:24:57","modified_gmt":"2026-06-09T20:24:57","slug":"bitcoin-reverses-24-hour-rally-as-glassnode-flags-8m-btc-at-a-loss","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoin-reverses-24-hour-rally-as-glassnode-flags-8m-btc-at-a-loss\/","title":{"rendered":"Bitcoin Reverses 24-Hour Rally as Glassnode Flags 8M BTC at a Loss"},"content":{"rendered":"<p><b>(Originally posted on : Bitcoin News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"@container mb-[25px] rounded-sm overflow-clip py-0.5 pr-0.5 pl-2.5 bg-success-100\">\n<div class=\"flex flex-col gap-m overflow-clip rounded-[6px] !bg-success-10 p-3 @[420px]:p-m\">\n<h2 class=\"m-0 flex items-center gap-s text-[19px] !text-[#1c1c1c] md:text-[20px]\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"16\" height=\"10\" viewbox=\"0 0 16 10\" fill=\"none\" class=\"shrink-0 text-success-100\" aria-hidden=\"true\"><path d=\"M1 1.5h14\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><path d=\"M1 8.5h10\" stroke=\"currentColor\" stroke-width=\"2.5\" stroke-linecap=\"round\"\/><\/svg><span>Key Takeaways<\/span><\/h2>\n<ul class=\"m-0 flex list-none flex-col gap-m pl-0\">\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Bitcoin fell below $61,000 on Tuesday as escalating Middle East tensions sparked a 2.9% daily price drop.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">The crypto market retreat triggered $467.5 million in total crypto liquidations, devastating long derivatives bets.<\/span><\/li>\n<li class=\"m-0 flex items-start gap-s !text-[#434248]\"><span class=\"mt-2 size-2 shrink-0 rounded-full bg-success-100\" aria-hidden=\"true\"\/><span class=\"text-body\">Glassnode data shows a grim outlook with 8 million bitcoin now underwater, reversing recent profit trends.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n<h2> <span>Bitcoin<\/span> Dips Amid Geopolitical Tremors<\/h2>\n<p>On Tuesday, <span>bitcoin<\/span> reversed <a href=\"https:\/\/news.bitcoin.com\/bitcoin-production-cost-miners-break-even\/\">gains made 24 hours<\/a> earlier, dipping below the $61,000 threshold amid heightened geopolitical tensions in the Middle East. Bitstamp data showed the top <span>cryptocurrency<\/span> plunged to an intraday low of $60,718 before quickly reclaiming $61,000 and ultimately attempting to test the $62,000 mark.<\/p>\n<p> <iframe src=\"https:\/\/markets.bitcoin.com\/crypto\/bitcoin\/embed\" width=\"100%\" style=\"max-height:500px;height:500px;border:none;overflow:hidden;border-radius:4px\" scrolling=\"no\" title=\"bitcoin market data\"><\/iframe> <\/p>\n<p>However, at the time of writing at 2:30 p.m. EST, <span>bitcoin<\/span> was trading just below $61,700, translating to a daily loss of 2.9%. The retreat to near June 5 lows brought the top <span>cryptocurrency<\/span>\u2019s weekly losses to 8.5% and more than 15% since the beginning of the month. Consequently, <span>bitcoin<\/span> saw its market capitalization slide from $1.27 trillion 24 hours earlier to approximately $1.24 trillion at the time of writing.<\/p>\n<p>In the derivatives market, <span>bitcoin<\/span>\u2019s price action triggered the <span>liquidation<\/span> of $104 million in long bets and nearly $27 million in short bets. This was a reversal from 24 hours earlier, when $240 million in <a href=\"https:\/\/news.bitcoin.com\/bitcoin-bounce-320-million-crypto-shorts-liquidated\/\">shorts was liquidated<\/a> versus $42.5 million in long bets. Overall, <span>cryptocurrency<\/span> market liquidations topped $467.5 million, with long bets accounting for $364.5 million of the total.<\/p>\n<p>While on Monday, <span>bitcoin<\/span> largely shrugged off escalating tensions in the Middle East, which saw Israel and Iran briefly exchange fire, the story seemed different on June 9 as the <a href=\"http:\/\/www.bitcoin.com\/get-started\/a-quick-introduction-to-crypto\/\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">cryptocurrency<\/a> shed over $2,000 in a matter of hours. Later, U.S. President Donald Trump\u2019s social media<a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/116721129088347687\" target=\"_blank\" rel=\"noopener noreferrer\"> post<\/a> promising a response to the downing of an Apache attack helicopter by Iranian forces coincided with <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a>\u2019s slip to its intraday low.<\/p>\n<p>Signaling just how seriously the market took the administration\u2019s warnings, a flurry of <a href=\"https:\/\/x.com\/MarioNawfal\/status\/2064418047478411659\" target=\"_blank\" rel=\"noopener noreferrer\">reports<\/a> surfaced on X suggesting a coordinated panic in the skies. Multiple commercial airlines reportedly scrambled to evacuate their fleets from Tehran\u2019s runways, racing to clear Iranian airspace amid mounting fears that a devastating U.S. military bombardment was imminent.<\/p>\n<p>Meanwhile, <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a>\u2019s recent downturn has inflicted pain on spot market participants, wiping out short-term cost bases across the board. According to <a href=\"https:\/\/x.com\/glassnode\/status\/2064343256389791862\" target=\"_blank\" rel=\"noopener noreferrer\">data<\/a> from on-chain analytics firm Glassnode, the rapid market reset has left more than 8 million <a href=\"https:\/\/www.binance.com\/en\/price\/bitcoin\" class=\"lar_link lar_link_outgoing\" target=\"_blank\" rel=\"noopener noreferrer\">bitcoin<\/a> \u201cunderwater\u201d\u2014meaning these coins were last moved or purchased at prices higher than the current spot value.<\/p>\n<p>This sharp influx of unrealized losses marks a stark pivot from the cycle\u2019s peak, a period defined by overwhelming investor profitability when nearly half of the entire circulating supply sat comfortably in the green.<\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/news.bitcoin.com\/bitcoin-reverses-24-hour-rally-as-glassnode-flags-8m-btc-at-a-loss\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Bitcoin News ) Key Takeaways Bitcoin fell below $61,000 on Tuesday as escalating Middle East tensions sparked a 2.9% daily price drop. The crypto market retreat triggered $467.5 million in total crypto liquidations, devastating long derivatives bets. Glassnode data shows a grim outlook with 8 million bitcoin now underwater, reversing recent [&hellip;]<\/p>\n","protected":false},"author":10,"featured_media":73794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[32],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73793"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=73793"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/73793\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/73794"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=73793"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=73793"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=73793"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}