Jobs data shock triggers $1.6B crypto liquidations

TLDR

A stronger than expected US jobs report triggered a global risk off move that briefly pushed Bitcoin below 60,000 dollars and drove roughly 1.6 billion dollars of crypto liquidations.

1. May US jobs data beat forecasts, repricing interest rate expectations higher and sparking a cross asset selloff that hit crypto alongside stocks and bonds.
2. Around 1.6 billion dollars of leveraged crypto positions were liquidated in 24 hours, mostly longs in Bitcoin (BTC), Ether (ETH) and other majors.
3. Markets have partially stabilized, but key to the next move are Bitcoin holding near 60,000 dollars and upcoming macro data that could shift the higher for longer rates narrative.

Deep Dive

1. Jobs Surprise And Macro Shock

The May 2026 US nonfarm payrolls report showed about 172,000 new jobs versus roughly 80,000 to 90,000 expected, with unemployment steady near 4.3 percent. This strong print pushed markets to price fewer or later Federal Reserve rate cuts and even raised odds of a hike, sending Treasury yields and the dollar higher and hitting risk assets worldwide.

US equities sold off sharply, with the Nasdaq dropping about 3 to 5 percent in some reports, while Bitcoin (BTC) slid toward the 60,000 dollar area as investors cut risk exposure across stocks, bonds, gold and crypto together. Coverage from major outlets highlights that this was macro driven, not a crypto specific shock.

2. Inside The 1.6 Billion Dollar Liquidations

As prices dumped after the jobs data, derivatives traders took most of the damage. CoinGlass data cited by CoinDesk shows roughly 1.6 billion dollars of crypto positions liquidated in 24 hours, including about 1.21 billion dollars of longs, across around 308,000 traders, with Bitcoin, Ether and Zcash leading the losses. Bitcoin alone saw roughly 534 million dollars and Ether about 423 million dollars of liquidations in that window.

Other trackers put the figure in a similar one to two billion dollar range, but all agree this was a long side washout rather than a short squeeze. CMCs derivatives metrics show perpetual futures open interest down over the past week and funding rates near or slightly below zero, consistent with leverage being flushed and sentiment swinging to caution, while the Fear and Greed index sits in Extreme fear.

3. Key Levels And What To Watch Next

Despite the rout, BTC has already rebounded back above about 61,000 dollars after briefly dipping below 60,000 dollars, a level that also lines up with important long term technical references in several analyses. Some research points to the 55,000 dollar zone as the next major support if 60,000 dollars fails, with 50,000 dollars as a psychological line in a deeper risk off scenario.

On the structural side, total crypto market cap is around 2.09 trillion dollars with modest 24 hour change but double digit declines over 7 to 30 days, and Bitcoin dominance near 58 percent, indicating traders have rotated toward BTC relative to alts. The next major drivers are upcoming inflation data and Fed communications, ETF flows after recent outflow streaks, and whether derivatives open interest rebuilds in a more balanced way instead of crowded longs.

Conclusion

The jobs data shock tightened rate expectations, hit risk assets broadly and exposed how heavily levered crypto positioning had become, culminating in about 1.6 billion dollars of liquidations. Markets have de risked somewhat, with leverage lower and fear high, so the path now depends less on crypto specific news and more on the next macro prints and whether Bitcoin can defend the 60,000 dollar region.