By Jake Morrison | June 5, 2026
Bitcoin slid sharply on Friday as the May jobs report came in hot at +172,000, sending rate hike expectations surging and dragging risk assets lower across the board. The 30-day rolling correlation between BTC and the Nasdaq hit 0.82 — near cycle highs — as crypto traded as a high-beta tech proxy.
Total liquidations reached $420 million on the day, with 87% representing long positions. BTC-specific liquidations totaled $178 million as the price broke below key support levels. Open interest dropped 6.8% as leverage was flushed out of the system.
Funding rates flipped negative across major exchanges for the first time in three weeks. Realized volatility pushed above 55%, and bid-ask spreads widened to 12 basis points on Binance and Coinbase — a sign of market stress.
Altcoins were hit harder. ETH fell 6.7%, breaking below its 200-day moving average. SOL dropped 9.2%. The broader altcoin market cap shed $28 billion, or 8.3%. The ETH/BTC ratio slipped to 0.0324, continuing its multi-month downtrend.
The key support cluster sits at $85,000, where 1.85 million addresses accumulated. A break below that level opens the door to $78,000–$80,000. The next catalyst is the CPI print, which will determine whether the selloff accelerates or stabilizes.
