Bitcoin Falls Below $71,000 After Strategy Sells 32 BTC

Bitcoin fell below $71,000 on June 1 after Strategy, the corporate treasury known for large bitcoin purchases, sold 32 BTC. The price swing coincided with roughly $627 million in leveraged liquidations across the crypto market and cut the broader market capitalization to about $2.52 trillion.

Exchange data showed bitcoin touched an intraday low of $70,574 on Bitstamp, down from a 24-hour high near $74,000 before it recovered above $71,000. The move reduced bitcoin’s market capitalization to about $1.41 trillion. Bitcoin closed May down nearly 9% from its earlier levels.

Liquidations during the event totaled more than $275 million in leveraged bitcoin positions, of which about $262 million were long positions-roughly 95% of the bitcoin-specific liquidations. Across all crypto assets, liquidations reached about $627 million, with long positions representing close to $478 million. This was the second time in under a week that 24-hour crypto liquidations exceeded $500 million.

Reports of recent U.S. strikes on targets in Iran and an Iranian drone and missile attack on a U.S. base in Kuwait occurred in the days before June 1. Iran subsequently withdrew from ceasefire negotiations, citing alleged Israeli violations. Those developments were followed by a rise in oil prices: Brent crude moved from about $91.31 a barrel to just over $97 intraday, and West Texas Intermediate rose from roughly $86.57 to nearly $95.

Strategy reported selling 32 bitcoin between May 26 and May 31, 2026, generating about $2.5 million at an average price near $77,135. It was the company’s first reported bitcoin disposition since 2022. The disclosure renewed investor debate over large holders’ market activity.

Strategy’s Executive Chairman Michael Saylor wrote on X that the company’s objective is “to make STRC the best credit instrument in the world.” The post followed an earlier social message that some investors had interpreted as hinting at a forthcoming bitcoin purchase.

Traders and analysts noted that the combination of geopolitical developments and the corporate sale coincided with elevated volatility and repeated forced liquidations in recent days, which amplified price moves when leverage was high.