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Liquidations Top $1 Billion As Musk-Trump Rift Goes Public

A late-night Twitter spat between President Donald Trump and Elon Musk sparked fresh uncertainty in global markets, sending major cryptocurrencies tumbling and wiping out nearly $1 billion in leveraged bets. Bitcoin dropped 1.6% to $102,864.

Data from CoinGlass shows that traders lost $988 million in liquidations — of which $888 million were long positions — indicative of a wipeout in bullish positions.

Exchanges like Bybit and Binance saw the biggest hits, with Bybit alone accounting for nearly $354 million in liquidations.

The liquidations largely hit major tokens, with bitcoin leading the pack at over $342 million liquidated in the past 24 hours, according to CoinGlass data.

Uber Eyes Stablecoins for Future Payments, Says CEO Dara Khosrowshahi

Speaking at the Bloomberg Tech Summit in San Francisco on Thursday, CEO Dara Khosrowshahi confirmed the company’s interest in blockchain-based stable currencies.

“I think stablecoin is one of the more interesting instantiations of crypto that has a practical benefit other than crypto as a store of value,” said Khosrowshahi.

He emphasized that stablecoins offer tangible utility, particularly for global companies like Uber, by lowering international money transfer costs and increasing payment efficiency. Khosrowshahi made it clear that while Bitcoin remains a “proven commodity,” its volatility and speculative nature make it less suitable for day-to-day transactions on Uber’s platform.

Trump’s Truth Social Registers Bitcoin and Ethereum ETF in Nevada

US President Donald Trump’s Truth Social has officially registered a new entity, signaling its plans to enter the cryptocurrency investment sector. On June 5, the company registered the Truth Social Bitcoin and Ethereum ETF as a domestic business trust in Nevada.

The registration sets the groundwork for an eventual offering of a Bitcoin and Ethereum exchange-traded fund (ETF), focusing on the two largest cryptocurrencies by market capitalization.

Bitcoin Spot ETF Flow

The overall net outflow of the US Bitcoin spot ETF on Tuesday was $278.44 million. The total net asset value of Bitcoin spot ETFs is $122.98 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.16%. The Bitcoin spot ETF with the highest net ouflow on June 5 was ARK 21Shares Bitcoin ETF , with a net outflow of $102.03 million.