Overview
- Bitcoin dropped into the mid-$60,000s on Wednesday after a sharp sell-off that briefly pushed the price below $66,000 and erased recent gains.
- Spot Bitcoin ETFs recorded consecutive multi-session redemptions totaling more than $3.2 billion through Tuesday, removing a key source of institutional demand and increasing selling pressure.
- Between May 26–31 Strategy Inc. disclosed it sold 32 BTC and on June 2 trackers logged roughly 10,300 BTC leaving Mt. Gox‑linked addresses, moves market participants say added new, tangible supply into the market.
- Derivatives forced liquidations amplified the decline, with analytics reporting roughly $1.8 billion wiped out and about 277,000 traders liquidated in a short window as longs were closed.
- Traders are watching $65,000 as immediate support with $60,000 the next downside target, and analysts warn that capital rotation into record-driving AI equities plus renewed Middle East tensions could prolong volatility and drain short-term crypto liquidity.