Liquidation extent by asset

• June 7 event — A larger $4.7 billion liquidation event (roughly $2.46 billion short, $2.27 billion long) was dominated by BTC ($871.7M) and ETH ($1.43B), with altcoins catching heavy secondary stress .
• June 18 event — $460 million total; shorts outweighed longs. ETH saw $36.86 million in 24-hour liquidations on the heatmap, second only to Bitcoin .
• June 21 event — $404 million total; multiple altcoins saw sharp short-side stress despite BTC and ETH absorbing the bulk of flows. Solana registered short liquidations of about $13.25 million over one hour, and $13.29 million over four hours, consistent with shorts being forced out during intraday bounces .
• Solana-specific — On June 5, SOL dropped 4.2% amid a broad crypto liquidation event amplified by already-fragile Solana technicals . Conversely, on June 18, SOL gained roughly 3.5% driven partly by the same short squeeze, with futures open interest jumping roughly 10% while funding rates stayed negative — a classic squeeze signature .
• Stellar-specific — On June 18, a $1.32 million short squeeze in XLM contributed to the token's 10% spike to $0.249 .

Detailed per-token liquidation figures (beyond BTC and ETH) are not fully broken out in available reporting; CoinGlass heatmap data cited by multiple sources shows that flows remained "concentrated in the two largest assets" when leverage unwound, with altcoin liquidations dispersed across many tokens .

Stellar's specific catalyst and price performance

Stellar's rally in late June was driven by two converging catalysts:

• Institutional catalyst — DTCC tokenization deal: In late May 2026, the Depository Trust & Clearing Corporation (DTCC) — the backbone of U.S. securities settlement — selected Stellar as the first public blockchain for its tokenized settlement pilot, planning to target live assets in H1 2027 . This sent XLM surging 30–55% in late May . Citi Research also explicitly named XLM alongside XRP and Chainlink as projects with concrete cross-border payment utility .
• RWA tokenization volume: Surging real-world asset (RWA) tokenization volumes on the Stellar network provided a second catalyst, with rising volumes on the network supporting the narrative of growing utility .

Price performance timeline:

XLM exhibited high volatility throughout June, with single-day swings ranging from +10% to −8.4%, often leading or underperforming the CoinDesk 20 index .

Broader bearish pressures

Multiple structural headwinds persisted through late June, preventing any sustained recovery:

$4.4 billion ETF supply overhang

US spot Bitcoin ETFs logged 13 consecutive days of net outflows from May 15 to June 3, 2026, totaling approximately $4.4 billion — the longest and largest outflow streak since the products launched in January 2024 . Ether, Solana, and XRP funds also posted net outflows during this period; only Hyperliquid's HYPE products drew fresh money . June as a whole was on track to be the worst month ever for Bitcoin ETF flows, with Bloomberg data showing over $4.1 billion pulled by June 29 .

Bitcoin's drop below $59,000

Bitcoin fell back below $60,000 on June 26, hitting an intraday low of $58,189 before stabilizing near $59,000, pressured by ETF outflows, leveraged liquidations, and a large options expiry . Earlier in the month, on June 4, BTC had already tested yearly lows around $61,300, triggering a 6.26% drop in total crypto market cap to $2.17 trillion and a "bloodbath for altcoins" . By late June, over 53.7% of all Bitcoin supply — 10.8 million BTC — was held at a loss, an all-time high .

Prediction market odds of a fall below $50,000

Polymarket's 2026 Bitcoin price market gave ~65% probability of BTC falling below $50,000 before year-end, with odds having "grinded higher" through May–June . A separate $42.7 million Polymarket market for 2026 gave 53% odds to a sub-$50,000 dip and just 19% odds to a $100,000 price . On Kalshi, traders assigned nearly 80% probability to Bitcoin dipping below $60,000 in 2026 . As of late June, Polymarket showed a 55% probability of BTC dropping below $58,000 and just a 7% chance of reclaiming $75,000 .

Institutional demand retreat

Bloomberg reported on June 29 that Bitcoin's "biggest institutional sources of demand are faltering at the same time," with ETF investors pulling money at a record pace and questions persisting over the financing playbook behind its largest corporate buyer (MicroStrategy) . Analysts warned that weaker retail participation, as investors shifted toward AI and technology stocks, could further weigh on crypto sentiment .

Liquidation extent by asset

• June 7 event — A larger $4.7 billion liquidation event (roughly $2.46 billion short, $2.27 billion long) was dominated by BTC ($871.7M) and ETH ($1.43B), with altcoins catching heavy secondary stress .
• June 18 event — $460 million total; shorts outweighed longs. ETH saw $36.86 million in 24-hour liquidations on the heatmap, second only to Bitcoin .
• June 21 event — $404 million total; multiple altcoins saw sharp short-side stress despite BTC and ETH absorbing the bulk of flows. Solana registered short liquidations of about $13.25 million over one hour, and $13.29 million over four hours, consistent with shorts being forced out during intraday bounces .
• Solana-specific — On June 5, SOL dropped 4.2% amid a broad crypto liquidation event amplified by already-fragile Solana technicals . Conversely, on June 18, SOL gained roughly 3.5% driven partly by the same short squeeze, with futures open interest jumping roughly 10% while funding rates stayed negative — a classic squeeze signature .
• Stellar-specific — On June 18, a $1.32 million short squeeze in XLM contributed to the token's 10% spike to $0.249 .

Detailed per-token liquidation figures (beyond BTC and ETH) are not fully broken out in available reporting; CoinGlass heatmap data cited by multiple sources shows that flows remained "concentrated in the two largest assets" when leverage unwound, with altcoin liquidations dispersed across many tokens .

Stellar's specific catalyst and price performance

Stellar's rally in late June was driven by two converging catalysts:

• Institutional catalyst — DTCC tokenization deal: In late May 2026, the Depository Trust & Clearing Corporation (DTCC) — the backbone of U.S. securities settlement — selected Stellar as the first public blockchain for its tokenized settlement pilot, planning to target live assets in H1 2027 . This sent XLM surging 30–55% in late May . Citi Research also explicitly named XLM alongside XRP and Chainlink as projects with concrete cross-border payment utility .
• RWA tokenization volume: Surging real-world asset (RWA) tokenization volumes on the Stellar network provided a second catalyst, with rising volumes on the network supporting the narrative of growing utility .

Price performance timeline:

XLM exhibited high volatility throughout June, with single-day swings ranging from +10% to −8.4%, often leading or underperforming the CoinDesk 20 index .

Broader bearish pressures

Multiple structural headwinds persisted through late June, preventing any sustained recovery:

$4.4 billion ETF supply overhang

US spot Bitcoin ETFs logged 13 consecutive days of net outflows from May 15 to June 3, 2026, totaling approximately $4.4 billion — the longest and largest outflow streak since the products launched in January 2024 . Ether, Solana, and XRP funds also posted net outflows during this period; only Hyperliquid's HYPE products drew fresh money . June as a whole was on track to be the worst month ever for Bitcoin ETF flows, with Bloomberg data showing over $4.1 billion pulled by June 29 .

Bitcoin's drop below $59,000

Bitcoin fell back below $60,000 on June 26, hitting an intraday low of $58,189 before stabilizing near $59,000, pressured by ETF outflows, leveraged liquidations, and a large options expiry . Earlier in the month, on June 4, BTC had already tested yearly lows around $61,300, triggering a 6.26% drop in total crypto market cap to $2.17 trillion and a "bloodbath for altcoins" . By late June, over 53.7% of all Bitcoin supply — 10.8 million BTC — was held at a loss, an all-time high .

Prediction market odds of a fall below $50,000

Polymarket's 2026 Bitcoin price market gave ~65% probability of BTC falling below $50,000 before year-end, with odds having "grinded higher" through May–June . A separate $42.7 million Polymarket market for 2026 gave 53% odds to a sub-$50,000 dip and just 19% odds to a $100,000 price . On Kalshi, traders assigned nearly 80% probability to Bitcoin dipping below $60,000 in 2026 . As of late June, Polymarket showed a 55% probability of BTC dropping below $58,000 and just a 7% chance of reclaiming $75,000 .

Institutional demand retreat

Bloomberg reported on June 29 that Bitcoin's "biggest institutional sources of demand are faltering at the same time," with ETF investors pulling money at a record pace and questions persisting over the financing playbook behind its largest corporate buyer (MicroStrategy) . Analysts warned that weaker retail participation, as investors shifted toward AI and technology stocks, could further weigh on crypto sentiment .