TLDR
- Bitcoin fell to $65,485, its lowest level since late March, a drop of around 6% on the day.
- Strategy Inc sold 32 BTC between May 26–31, spooking markets already under pressure.
- Bitcoin ETFs saw nearly $1 billion in outflows over Monday and Tuesday — a 12th straight day of outflows.
- Around 277,000 traders were liquidated in 24 hours, with total liquidations reaching $1.83 billion.
- Renewed US-Iran military strikes have added to market fear, with ceasefire talks still stalled.
Bitcoin fell sharply on Wednesday, hitting its lowest price in over two months. The world’s largest cryptocurrency dropped as much as 6% to $65,485, a level not seen since late March 2026.
The sell-off follows what was already the biggest single-day drop since February 5. On Tuesday, Bitcoin shed more than $4,500 in a single day, breaking through key support levels.
CoinGlass data shows around 277,000 traders were liquidated in the past 24 hours. Total liquidations reached $1.83 billion, with more than 90% of those being long positions, mostly in Bitcoin and Ether.
Crypto analyst Daan Crypto Trades pointed out on X that Bitcoin’s daily RSI has reached a level that has historically coincided with market bottoms. “It got here quickly due to the relentless and quick sell-off we’ve seen the past 2 weeks,” he wrote, adding that the drop of around 10% in just two days was unusually fast. He noted these are not guaranteed signals, but said “these levels do generally mean it is worth it to start paying attention again.”
$BTC‘s Daily RSI level is yet again at an area where it has coincided with many of the previous bottoming regions.
It got here quickly due to the relentless and quick sell off we’ve seen the past 2 weeks with yesterday and today being down -10% alone.
Keep in mind, these are no… pic.twitter.com/0IGbUaWja3
— Daan Crypto Trades (@DaanCrypto) June 2, 2026
Strategy Sale Adds Pressure
Strategy Inc, the largest corporate holder of Bitcoin, disclosed it sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin, raising $2.5 million. While small relative to its total holdings, the sale rattled an already fragile market.
Bitcoin has fallen $6,000 since Michael Saylor’s STRATEGY disclosed its first Bitcoin sale in 3.5 years.
More than $2.41 billion in crypto positions have been liquidated in just 48 hours.
STRATEGY currently holds 843,706 BTC, acquired for $63.9 billion at an average price of… pic.twitter.com/h7BVocqfuq
— Bull Theory (@BullTheoryio) June 3, 2026
Strategy shares fell to a near two-month low following the disclosure. The news arrived as Bitcoin ETFs were already bleeding capital, with nearly $1 billion in outflows on Monday and Tuesday alone — marking 12 consecutive days of net outflows, totalling over $3 billion in three weeks.
Andri Fauzan Adziima, research lead at Bitrue Research Institute, told Cointelegraph the drop is driven more by “leveraged liquidations, heavy ETF outflows, and technical breakdowns than pure Iran news, but it amplifies the fear.” He expects choppy consolidation, with real support around $64,000–$65,000.
US-Iran Conflict Weighs on Sentiment
Geopolitical tensions have added to the bearish mood. The US continued military strikes against Iran, with US Central Command confirming it defeated multiple Iranian ballistic missiles and drones and conducted strikes on Qeshm Island.
BREAKING: Iran has launched a massive ballistic missile and drone attack, striking the US 5th Fleet headquarters in Bahrain along with US bases in Kuwait, Ali Al Salem + Arifjan, and an oil tanker near Dubai, in response to new US strikes on Qeshm Island and an Iranian oil tanker…
— The Hormuz Letter (@HormuzLetter) June 3, 2026
Iran launched missiles toward regional neighbors including Kuwait and Bahrain, though all failed to reach their intended targets, according to CENTCOM.
A two-month ceasefire between the US and Iran has been in place, but negotiations over extending it and lifting the Strait of Hormuz blockade have not produced an agreement. Iran’s Tasnim news agency reported the country would pause talks with the US until Israel stopped attacking Lebanon.
President Trump pushed back on those reports via Truth Social, saying conversations between the two sides had continued daily.
Bitcoin recovered some ground from its lows and was trading around $66,855 by early Wednesday morning ET.
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