Bitcoin broke below $62,000 and Ethereum fell approximately 6% in a broad crypto selloff that triggered $700M in liquidations — one of the larger single-session forced-unwind events of 2024. Cascading stop-losses from leveraged long positions are amplifying the move, as futures funding rates reset sharply negative.

The key question is whether this is a healthy deleveraging flush that sets up a re-entry near BTC's well-watched $60K–$61K support cluster, or the start of a more sustained breakdown. Watch whether spot ETF inflows (a structural bid introduced in 2024) absorb selling pressure; if daily inflows turn negative for multiple sessions, the bear case strengthens materially.