Crypto June 8: BTC back above 63K, shorts squeezed

Global crypto market on June 8: Bitcoin recovers above $63,000 after dropping below the $60,000 mark, altcoins bounce and short sellers get squeezed in the first real relief after a brutal week

On Monday, June 8, the cryptocurrency market caught its first meaningful breather after the previous week's brutal selloff. Bitcoin recovered above the $63,000 mark to about $63,690 after briefly dipping below $60,000 over the weekend - the first time since 2024. Ethereum bounced to about $1,689, XRP recovered to $1.17, Solana to about $67, while Hyperliquid (HYPE) was the day's leader with nearly an 11% gain. Still, the weekly losses remained deep, and the bounce was more a relief move after excessive pessimism than a confirmed trend reversal.

Market overview

After the previous week delivered one of the heaviest selloffs of the year, Monday brought the first real relief bounce. Bitcoin reclaimed the $63,000 zone, rising about 2.7% on the day to roughly $63,690, and its market cap recovered to about $1.28 trillion. Despite that, on a weekly basis Bitcoin was still down about 10%, and it remained roughly 50% below last October's record of $126,198.

The day's defining feature was the shift in the derivatives market. While the previous week's declines were driven by forced closures of long positions, on June 8 the situation reversed: total liquidations shrank to about $604 million from the multi-billion-dollar sessions seen earlier, and short sellers took the heavier hit. Short liquidations reached about $462 million against roughly $143 million in longs - a classic short squeeze, where traders who had aggressively bet on further downside were caught as Bitcoin reclaimed the $63,000 zone.

At the same time, open interest rose - Bitcoin by about 1.7% to $46.4 billion and Ethereum by about 1.1% to $24.6 billion. That means traders started rebuilding positions during the bounce rather than fully stepping away from the market. Overall sentiment stayed cautious: although the daily move was positive, the deep weekly losses kept the market in "fear" territory.

Top 15 coins on June 8

1. Bitcoin (BTC) ▲ ~$63,690 (+2.7% on the day, -10.3% on the week)

Bitcoin reclaimed the $63,000 zone, rising about 2.7% on the day. Over the weekend it had briefly dropped below $60,000 - the first time since 2024 - and bounced from a low of about $59,100. Market cap recovered to about $1.28 trillion. Technical support now sits in the $62,000-$63,000 zone, with resistance at $65,000-$66,500.

2. Ethereum (ETH) ▲ ~$1,689 (+3.7% on the day, -14% on the week)

Ethereum showed a stronger daily bounce, rising about 3.7% to roughly $1,689. However, it remained below the $1,700-$1,800 recovery zone needed to repair the weekly breakdown. Ethereum's market cap held around $204 billion, and on a weekly basis it was one of the weakest among the major assets.

3. Tether (USDT) ◆ ~$1.00 (stable)

USDT held its peg to the US dollar at about $0.9994. Its 24-hour trading volume was about $62.7 billion - large, but lower than during the previous week's panic sessions, suggesting collateral movement began to ease. USDT's market cap stayed around $187 billion, remaining the largest stablecoin and the main liquidity rail.

4. BNB ▲ ~$604 (+2.2% on the day, -10.9% on the week)

BNB recovered to about $604, up about 2.2% on the day. The Binance ecosystem token followed the broad bounce but kept a double-digit weekly decline. Its market cap was about $81 billion.

5. USDC ◆ ~$1.00 (stable)

Circle-managed USDC held a stable peg at about $0.9997 with about $15.7 billion in daily volume. USDC's market cap stayed around $76 billion, cementing its position as the second-largest stablecoin with a regulatory-compliant reserve structure.

6. XRP ▲ ~$1.17 (+3.2% on the day, -8.8% on the week)

XRP recovered to about $1.17, up about 3.2% on the day. The coin bounced from lower levels but was still down on the week. To hold above pressure, traders are watching the $1.10 support level; the CLARITY Act's progress remains a medium-term catalyst for the XRP ecosystem.

7. Solana (SOL) ▲ ~$67 (+3.3% on the day, -15.7% on the week)

Solana recovered to about $67, up about 3.3% on the day, but on a weekly basis it was one of the weakest major assets with a nearly 16% decline. Over the weekend SOL had reached a multi-year low. To ease the downside pressure, the coin needs to reclaim the $70 level.

8. TRON (TRX) ▼ ~$0.326 (-0.6% on the day)

TRX proved relatively resilient, holding around $0.326 with a small daily decline. Stablecoin flows on the TRON network and high USDT circulation provided baseline demand even amid market stress. Its market cap was about $31 billion.

9. Figure Heloc (FIGR_HELOC) ◆ ~$1.01 (RWA token)

The tokenized home equity line of credit (HELOC) token FIGR_HELOC held around $1.01 with a market cap of about $18.6 billion. Its stable price and high market cap reflect the growing role of the real-world asset (RWA) segment - these tokens backed by traditional financial instruments behave differently from speculative cryptocurrencies during market swings.

10. Hyperliquid (HYPE) ▲ ~$64.78 (+11.2% on the day - day's leader)

HYPE was the strongest major token on the day, rising about 11.2% to roughly $64.78 on heavy volume. After the large June 6 token unlock and the sharp drop, HYPE staged a strong bounce, partly driven by a short squeeze - on Hyperliquid's own exchange nearly 94% of four-hour liquidations came from short positions.

11. Dogecoin (DOGE) ▲ ~$0.087 (+2.7% on the day, -11.8% on the week)

DOGE recovered to about $0.087, up about 2.7% on the day. The meme-coin sector suffered especially hard during the selloff, and on a weekly basis DOGE kept a nearly 12% decline, as risk capital returns to the most speculative assets later.

12. Cardano (ADA) ▲ modest bounce

Cardano followed the broad Monday altcoin bounce, recovering slightly from its weekly lows. On a monthly basis, however, ADA kept a pronounced double-digit decline, reflecting the broader altcoin weakness.

13. Chainlink (LINK) ▲ tracks the altcoin bounce

Chainlink recovered along with the broader altcoin market. The oracle network's token benefited from the general return of risk appetite, although on a weekly basis it was still down.

14. Avalanche (AVAX) ▲ recovers with the market

Avalanche recovered along with the rest of the market. Analysts note that AVAX could benefit from a clear spot ETF path if the CLARITY Act passes, but in the short term the price was set by overall sentiment.

15. Stellar (XLM) ◆ stabilizes

Stellar stabilized after its weekly decline, following the general altcoin sentiment. The payments-focused network stayed relatively calm compared with high-beta tokens.

Stablecoins

The stablecoin sector kept its role as the market's anchor and liquidity base. USDT and USDC held their pegs to the US dollar at about $0.9994 and $0.9997 respectively. USDT's market cap stayed around $187 billion, while USDC was around $76 billion.

Stablecoin trading volumes cooled compared with the previous week's highest-stress sessions: USDT recorded about $62.7 billion and USDC about $15.7 billion in 24-hour volume. The decline in volume was read as cautiously positive - it suggests collateral movement is easing as the market tries to stabilize. Structurally, stablecoins continue to entrench themselves as the key settlement and liquidity layer, while the GENIUS Act implementation rules, set to take effect on July 18, continue to position them as regulated financial infrastructure.

NFT market

The NFT market remained near record lows, reflecting Ethereum's weakness and the broad risk-off sentiment. Since most blue-chip collection prices are tied to ETH, Ethereum's roughly 28% drop over the past 30 days erased most of the dollar-denominated gains. Total daily trading volume across nearly 1,800 tracked collections had shrunk to under $3 million.

CryptoPunks' floor price held up in ETH terms but in dollars had fallen about 29% over the month to roughly $53,000. Industry infrastructure strain was underscored by news that the popular data aggregator NFT Price Floor plans to shut down on June 30 due to a lack of funding. Overall, the NFT segment remained one of the weakest in the crypto ecosystem.

ETF fund flows

US exchange-traded funds reopened Monday after a heavy outflow streak. The previous week (June 1-5), spot Bitcoin ETFs lost about $1.72 billion - a fourth straight week of outflows - with most of it coming from BlackRock's IBIT at about $1.34 billion. In total, about $4.33 billion, or roughly 59,351 BTC, had flowed out of the funds over 13 trading days, one of the largest outflow streaks of 2026.

The picture for other crypto ETFs was more mixed: spot Ethereum ETFs lost about $168 million, while HYPE funds attracted about $17 million and XRP funds about $2.6 million in fresh capital. On June 8, traders were closely watching whether Monday's bounce and a calmer mood could halt the Bitcoin funds' outflow streak, but the main focus stayed on macro data, including upcoming inflation readings.

Security incidents

No new large-scale protocol exploits or exchange security breaches were reported Monday. A legal story from China drew wider attention, where a man was sentenced to 10 years for stealing 107 bitcoins - the court ruled that cryptocurrency is to be treated as property. This precedent is seen as significant for the legal protection of digital assets. Overall, market attention stayed focused on macroeconomic and flow factors rather than technical incidents.

Regulatory news

On the regulatory front, the main focus stayed on the CLARITY (Digital Asset Market Clarity) Act. White House digital asset adviser Patrick Witt signaled a "big week" for the bill, which is backed by more than 200 industry firms. The bill provides a clear framework for classifying digital assets, market structure and oversight, including stablecoins and decentralized finance (DeFi). Analysts note that SOL, AVAX and ADA could benefit from a clear spot ETF path under CLARITY.

At the same time, the implementation rules for the already-adopted GENIUS Act are set to take effect on July 18 - they require stablecoin issuers to provide 1:1 backing for each token with high-quality liquid assets. The SEC and CFTC continue coordinated work under the "Project Crypto" initiative. While that is a potential medium-term catalyst, in the short term market sentiment was set by macroeconomic and geopolitical factors.

Macroeconomic context - rate fears and geopolitics

The macro backdrop for risk assets stayed unfavorable. Several separate conflicts in the Middle East drove up energy prices worldwide, increasing the likelihood that the Federal Reserve could raise interest rates this year - a headwind for risk assets, including cryptocurrencies. At the same time, capital rotation continued out of crypto and into artificial intelligence-related investments.

Additional pressure came from the fact that the largest Bitcoin holder had recently started selling, prompting other investors to follow. Against this backdrop, Bitcoin was down about 40% on the year and about 21% on the month. In these conditions, Monday's bounce was more a technical stabilization and short squeeze after excessive pessimism than a confirmed trend reversal signal. The next directional signals were expected from whether Bitcoin can reclaim $65,000 and Ethereum the $1,700 level.

Key figures - June 8

• Bitcoin (BTC): ~$63,690, +2.7% on the day, -10.3% on the week, ~50% below the October record of $126,198; market cap ~$1.28 trillion; support $62,000-$63,000, resistance $65,000-$66,500
• Ethereum (ETH): ~$1,689, +3.7% on the day, -14% on the week; market cap ~$204B; resistance $1,700-$1,800
• XRP: ~$1.17, +3.2% on the day, -8.8% on the week
• Solana (SOL): ~$67, +3.3% on the day, -15.7% on the week
• BNB: ~$604, +2.2% on the day, -10.9% on the week
• Hyperliquid (HYPE): ~$64.78, +11.2% on the day (day's leader)
• Dogecoin (DOGE): ~$0.087, +2.7% on the day, -11.8% on the week
• Stablecoins: USDT ~$187B, USDC ~$76B, hold their pegs; volumes cooled from panic levels
• Liquidations: ~$604M (shorts ~$462M, longs ~$143M) - short squeeze; ~103,000 traders
• Open interest: BTC OI ~$46.4B (+1.7%), ETH OI ~$24.6B (+1.1%)
• Spot Bitcoin ETF: previous week -$1.72B (IBIT -$1.34B), ~$4.33B / ~59,351 BTC out over a 13-day streak
• NFT: near record lows, daily volume <$3M; CryptoPunks ~$53,000 (-29% on the month)
• Macro: Middle East conflicts lift energy prices and Fed rate fears, capital rotation into AI; BTC ~-40% on the year, ~-21% on the month
• Key drivers: relief bounce after the drop below $60,000, short squeeze, rising open interest, cautious sentiment

AI disclaimer

This article was prepared with the help of artificial intelligence and human editorial oversight. All figures and facts were verified against publicly available sources at the time of writing. Price figures are based on market data aggregator snapshots and may differ slightly between sources and time zones. The cryptocurrency market is extremely volatile - prices can change significantly within a few hours. This material is informational and should not be considered financial advice, an investment recommendation or a solicitation to buy or sell any assets. Always do your own research and consult a licensed financial advisor before making investment decisions.

Sources

• Yahoo Finance - Bitcoin and ethereum prices today, Monday, June 8, 2026: Moving up after bitcoin prices fell below $60,000: https://finance.yahoo.com/personal-finance/investing/article/bitcoin-and-ethereum-prices-today-monday-june-8-2026-moving-up-after-bitcoin-prices-fell-below-60000-131559331.html
• The Crypto Times - Crypto Market Today: BTC Rebounds Above $63K as Shorts Lose $461M: https://www.cryptotimes.io/2026/06/08/crypto-market-today-btc-rebounds-above-63k-as-shorts-lose-461m/
• crypto.news - Solana price rebounds after hitting 3-year low: https://crypto.news/solana-price-rebounds-after-hitting-3-year-low-is-a-return-to-may-highs-possible/
• News.Bitcoin.com - Bitcoin ETFs Lose $1.72B in Second-Largest Weekly Outflow Since Launch: https://news.bitcoin.com/bitcoin-etfs-lose-1-72b-in-second-largest-weekly-outflow-since-launch/