Bitcoin price fell below the 200-week moving average today, extending the latest crash to more than 21%. This triggered a broader crypto market crash, with ETH, XRP, SOL, and other top altcoins falling massively.
Traders are bracing for crypto options expiry and US Nonfarm payrolls data today, triggering panic selloffs. Crypto market has erased more than $590 billion from Bitcoin, ETH, XRP, SOL, ZEC , HYPE, WLD, DOGE and other top altcoins since CoinGape’s warning of crypto bloodbath.
Crypto Market Fear & Greed Index recorded a sharp drop in the sentiment from 48 (neutral) to 12 (greed) in a month. Will the crypto market crash deeper or is a rebound ahead?
Crypto Market Crash Panic amid Massive Liquidations
Crypto market saw another $1.20 billion in liquidations across Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and other top altcoins in the past 24 hours. $350 million got liquidated in just an hour.
Coinglass data showed more than 245K traders were liquidated, with the largest single occurring on Binance as someone liquidated BTCUSDT valued at $13.31 million.
Bitcoin price crashed to $61K lows as investors liquidated $248 million in BTC holdings over the last 24 hours. Notably, the crypto market saw almost $950 long and $220 million short positions getting liquidated in the past 24 hours.
Bitcoin, ETH, SOL, ZEC, HYPE, SOL, WLD, XRP, DOGE, BNB, NEAR, ADA, and BNB are among the most liquidated crypto assets in today’s crypto market crash. Ethereum price has tumbled to a year-low at $1627 and XRP price tanked more than 6% to $1.09.
Bitcoin, ETH, XRP, SOL Options Expiry
According to Deribit data, $1.51 billion in Bitcoin options are set to expire on June 5, with a put/call ratio of 0.49. However, the put/call ratio has increased to 1.21 in the past 24 hours amid the current crypto market crash.
Moreover, the max pain price is $70,000, above the current Bitcoin price of nearly $61,639. However, rising BTC implied volatility (IV) and a falling 25-delta skew indicate that traders are hedging for downside protection while expecting a rebound.
Meanwhile, $260 million in ETH options expire today, with a put/call ratio of 0.91. In the last 24 hours, put volume has increased significantly, with a put/call ratio of 1.43.
The max pain price is at $2000, above the current market price of $1665. Deribit data shows there is 57% probabilty of Ethereum expiring above $2000 strike price. Rising ETH IV and falling 25-delta skew indicate bullish directional bias.
On the other hand, $6 million in XRP options and $8 million in SOL options expire today. Max pain price for XRP is at $1.28 and $82 for SOL. Deribit data signaled a rebound in prices towards the month’s end.
Traders are not making large-scale bets on a one-sided crypto market crash, but demand for active hedging has surged. The next focus is on whether capital will flow back in and whether Bitcoin will stabilize.
If Bitcoin price bounces from the 200-week moving average, a bottom will form for the next bull market. This could bring back whales and large holders back in the market, as per the 4-year Bitcoin cycle. Also, Grayscale predicted Bitcoin price rebound in the coming months.
Analysts including Rekt Capital and Ali Martinez also echoed similar sentiment. “Bitcoin is on the cusp of entering a period that comes along only once every four years and will set your portfolio up for the entire upcoming multi-year Bull Market,” Rekt Capital said.
#BTC
In the previous 2022 Bear Market, Bitcoin deviated -22% below its 2017 old All Time Highs to mark a Bear Market bottom
In this current 2026 Bear Market, Bitcoin has deviated only -10.5% below its 2021 old All Time Highs
Bitcoin is getting close to a bottom but it’s not… pic.twitter.com/j2yDYXQJXi
— Rekt Capital (@rektcapital) June 5, 2026
