ETF outflows and liquidations push bitcoin under $68,000

Bitcoin fell below $68,000 to an intraday low of $67,521 on Bitstamp on June 2 after a roughly 24- to 48-hour decline from about $73,900, a drop of about 8% that showed lower highs and lower lows on hourly charts.

U.S. spot bitcoin exchange-traded funds registered net outflows in May totaling about $2.3 billion, the largest monthly withdrawal so far in 2026, and recent weekly outflows ran near $1.67 billion. Spot ETF redemptions continued for a second week, and one large ETF saw reductions of about $440.3 million on June 1, according to market flow data.

On-chain records showed more than 6,000 BTC moved off large wallets while long-term holder balances declined by close to 8% over the prior week. Those transfers removed a portion of available spot supply from exchanges and long-term addresses.

In regulatory filings, Strategy disclosed it sold 32 bitcoin between May 26 and May 31 for roughly $2.5 million, at an average net price near $77,135 per coin. The company linked the disposals to payments on STRC perpetual preferred stock dividends. Strategy’s disclosed holdings were reported at 843,706 BTC; the May sale was the company’s first disclosed net bitcoin disposal.

Derivatives liquidations accelerated the move. A liquidation tracker recorded about $785.38 million in crypto liquidations over 24 hours, with approximately $674.10 million tied to long positions and $111.28 million to shorts. The tracker showed about 143,422 traders liquidated and the largest single liquidation near $23.99 million on the BTCUSDT market. In the hour before the low, bitcoin-specific liquidations reached about $103.07 million, of which roughly $96.92 million were long positions. Ethereum experienced roughly $35.15 million in long liquidations during the same morning hour.

Market participants cited the $68,000 area as the immediate support level to monitor. A reclaim of around $73,800 and subsequent movement toward $77,000 were also identified as levels of interest. Traders listed daily ETF flows, company filings, geopolitical developments, public statements by political figures, oil prices and overall risk sentiment among the factors they are watching for short-term price direction.