On June 5th, the Bitcoin futures market experienced a dramatic liquidation event. In just one hour, traders liquidated $5.51 million worth of positions, with $5.35 million from long positions and only $157,000 from short positions. This unprecedented 3,399% imbalance suggests extreme price movements in a short span. The drop followed an initial surge in Bitcoin’s value before a subsequent sell-off, witnessed by several red candles on the chart. The resulting decline saw Bitcoin plummet from above $104,800 to intraday lows near $103,800, before recovering slightly. Meanwhile, other cryptocurrencies such as Ethereum (ETH) and Solana (SOL) also experienced significant liquidations, totaling over $6.43 million and $2.65 million respectively.