On June 5, Bitcoin (BTC) futures traders saw a huge liquidation imbalance. In just one hour, $5.51 million in positions were cleared, with $5.35 million from longs and just $157,000 from shorts. The resulting 3,399% imbalance is one of the most abnormal hourly imbalances seen in recent trading sessions.

This happened during a bigger drop in BTC's price. In just an hour, Bitcoin experienced a sell-off, moving from above $104,800 to intraday lows near $103,800 before a minor recovery. The downward trend was shown by a few red candles in a row, which is a sign of ongoing selling pressure instead of a sudden spike in volatility.

And of course, beyond Bitcoin, there was a lot of liquidation activity across the market. Ethereum (ETH) had the highest total at $6.43 million, followed by Solana (SOL) at $2.65 million. Smaller-cap assets, including 1000PEPE futures, also saw liquidations in the hundreds of thousands.

According to data from CoinGlass, more than $22.6 million were liquidated in the same one-hour window and 95% of this was long exposure. This points to a heavily bullish market bias before the unwinding occurred.

In the last 24 hours, total liquidations hit $204.56 million. Long positions accounted for $144.53 million of that figure, with shorts making up the remaining $60.03 million. During that time, 90,800 traders were liquidated. 

The biggest single order was on HTX, where a BTC-USDT position worth $2.21 million was closed.