Bitcoin price today fell below its 200-week moving average, extending the recent collapse to over 21%. This led to a broader cryptocurrency market collapse, with major declines in ETH, XRP, SOL and other major altcoins.
Traders are bracing for the expiration of cryptocurrency options and US non-farm payrolls data today, triggering panic selling. The cryptocurrency market has wiped out over $590 billion worth of Bitcoin, ETH, XRP, SOL, ZEC, HYPE, WLD, DOGE and other major altcoins since CoinGape. Warning of crypto bloodbath.
The Cryptocurrency Market Fear and Greed Index recorded a sharp drop in sentiment from 48 (Neutral) to 12 (Greedy) in one month. Will the cryptocurrency market collapse deeper or is there a recovery coming?
Panic in the cryptocurrency market amid massive liquidations
The cryptocurrency market saw another $1.20 billion Liquidations via Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL) and other top altcoins of the past 24 hours. $350 million was liquidated in just one hour.
Coinglass data showed that more than 245,000 traders were liquidated, with the largest liquidation occurring on Binance when someone liquidated $13.31 million worth of BTCUSDT.
Bitcoin price fell to lows of $61,000 as investors liquidated $248 million worth of Bitcoin holdings over the past 24 hours. It is worth noting that the cryptocurrency market witnessed the liquidation of approximately US$950 of long positions and US$220 million of short positions during the past 24 hours.
Bitcoin, ETH, SOL, ZEC, HYPE, SOL, WLD, XRP, DOGE, BNB, NEAR, ADA, and BNB are among the most liquid crypto assets in today’s crypto market crash. Ethereum price fell to a year low at $1,627 and XRP price fell more than 6% to $1.09.
Bitcoin, ETH, XRP and SOL options expiration
according to Derived data$1.51 billion worth of Bitcoin options are set to expire on June 5, with a put/call ratio of 0.49. However, the buy/sell ratio has risen to 1.21 over the past 24 hours amid the current collapse in the cryptocurrency market.
Moreover, the maximum price of pain is $70,000, which is higher than the current Bitcoin price of around $61,639. However, higher BTC(IV) implied volatility and lower 25 delta skew suggest that traders are hedging for downside protection while anticipating a rebound.
Meanwhile, $260 million worth of ETH options expire today, with a put/call ratio of 0.91. Over the past 24 hours, selling volume has increased significantly, with a buy/sell ratio of 1.43.
The maximum price for Pain is $2,000, which is higher than the current market price of $1,665. Deribit data shows that there is a 57% probability of Ethereum expiring above the $2,000 strike price. High ETH IV and low 25 delta skew indicate a bullish directional bias.
On the other hand, $6 million worth of XRP options and $8 million worth of SOL options expire today. The maximum pain price for XRP is $1.28 and $82 for SOL. Derribit data indicated a recovery in prices towards the end of the month.
Traders are not making large-scale bets on a unilateral collapse of the cryptocurrency market, but demand for active hedging has risen. The next focus is on whether capital will flow again and whether Bitcoin will stabilize.
If Bitcoin price rebounds from the 200-week moving average, a bottom will be formed for the next bull market. This could bring whales and large holders back into the market, depending on Bitcoin’s 4-year cycle. also, Grayscale predicts Bitcoin price recovery In the coming months.
Analysts, including Rekt Capital and Ali Martinez, also echoed similar sentiments. “Bitcoin is about to enter a period that comes only once every four years and will prepare your portfolio for the entire upcoming multi-year bull market,” Rekt Capital said.
In the previous bear market of 2022, Bitcoin deviated -22% from its all-time highs in 2017 to mark the bottom of the bear market.
In this current 2026 bear market, Bitcoin is only -10.5% deviated from its old 2021 highs.
Bitcoin is approaching the bottom but it is not… pic.twitter.com/j2yDYXQJXi
— Rekt Capital (@rektcapital) June 5, 2026
