Bitcoin Falls 2.5% to $62,300 as Tech Selloff Triggers $717M Liquidations

Nasdaq decline and options expiry pressure crypto markets

Bitcoin lost 2.5% to $62,300 and ether fell more than 4% to $1,650 on Tuesday, June 23, as a technology stock selloff that began Monday cascaded into crypto derivatives markets. The decline triggered $717 million in liquidations across altcoins, with privacy coins showing relative strength while AI-linked tokens absorbed heavier losses.

The Nasdaq 100 futures had declined 2.5% since midnight UTC, reflecting broad profit-taking in tech equities. “Tech stocks are struggling due to profit-taking and the risk of higher bond yields,” said Patrick Munnelly, market strategy partner at TickMill. That pressure extended into digital assets, where positions built during earlier rallies faced margin calls.

Altcoin losses varied by exposure. ENA and HYPE tokens dropped 5% to 6%, while AI-focused tokens including FET, RENDER, and TAO fell 3% to 5%. Privacy coins DASH and XMR showed relative resilience, losing less than 1%. Zcash (ZEC) declined 4.2%, following an AI-inspired exploit earlier in June that had weighed on the token.

Derivatives positioning amplified the selloff. Bitcoin futures open interest stood at 720,000 BTC, down from 742,000 BTC the previous week but well below the 800,000 BTC peak reached in early June. Ether futures open interest sat at 14.13 million ETH, a significant pullback from the May 28 peak of 15.98 million ETH.

The broader market structure suggested stress in leveraged positions heading into Friday’s quarterly options expiry. The average crypto RSI level of 39.05 indicated oversold conditions. Options market positioning was skewed toward long calls, but those positions were underwater. Put options, by contrast, were in profit, reflecting downside protection that had paid off.

XRP futures open interest reached 2.38 billion, while SpaceX perpetuals on Hyperliquid and Binance surged 10% in open interest even as the contract itself dropped 15%. SpaceX perpetuals have become the sixth-largest crypto futures contract globally, according to the market data available.

The Dollar Index (DXY) climbed to 101.15, its highest level in more than a year, a move that typically pressures dollar-denominated crypto assets. The combination of tech profit-taking, options expiry mechanics, and dollar strength created a confluence that left few positions unscathed.