Bitcoin Rebounds Above $64K on June 8, Triggering $282.5M Derivatives Liquidations

On June 8, Bitcoin rebounded above $64,000, reaching an intraday high of $64,197 after a multi-day sell-off that had pushed it below $60,000. The cryptocurrency's 2% gain trimmed weekly losses to 11% and lifted its market capitalization to $1.27 trillion.

The rally reversed positions across derivatives markets, with liquidations hitting $282.5 million in Bitcoin alone, 85% ($240 million) of which targeted short sellers. Across the broader crypto ecosystem, total liquidations reached $611 million, heavily penalizing wrong-footed short positions at $463 million. The recovery also pushed the aggregate crypto market capitalization to $2.26 trillion.