Bitcoin Drops Below $70,000: $455M in Long Positions Liquidated
This Tuesday, June 2, 2026, the bitcoin price has just undergone a brutal correction by slipping below the psychological threshold of $70,000. It even hit a low of $69,390 according to Bitstamp data. This triggered a wave of massive liquidations. Data shows over $455 million of long positions vaporized within a few hours. Result: thousands of optimistic crypto traders find themselves trapped.
In brief
- Bitcoin touched $69,390, its lowest level in nearly eight weeks.
- $455 million in long positions were liquidated.
- Crypto analysts remain divided between a typical correction and a risk of prolonged decline.
Bitcoin dropped below $70,000: here’s why
According to data reported by Bitstamp, the BTC price fell nearly $4,000 in less than 48 hours. Its market capitalization even briefly fell below the $1.4 trillion mark. At the time of writing this article, bitcoin’s value stands at $69,400.
According to crypto analysts, it all started with the sale of 32 bitcoins made by Strategy between May 26 and 31. The company generated about $2.5 million at an average price of $77,135 per BTC. The operation remains tiny compared to the 843,706 bitcoins held by the company. Nevertheless, the signal sent to the crypto market fueled a new wave of uncertainty.
A cascade of liquidations on derivative markets
According to market data, the bitcoin drop caused more than $470 million in liquidations on leveraged positions. Among them:
- $455 million concerned long positions;
- nearly 60% of liquidations came from bitcoin;
- $805 million were wiped out across the entire crypto market.
This reaction illustrates the sensitivity of crypto traders to BTC’s sudden moves. Explanation: when technical levels break, forced sales often amplify the downward pressure.
Two opposing views on the crypto market
Peter Schiff, gold advocate and outspoken bitcoin opponent, sees it as a warning signal. According to him, the upcoming correction on indices could be even more devastating if BTC resists poorly while the Nasdaq hits records.
On the other hand, GMI founder Raoul Pal puts it in perspective. He describes the situation as a “violent correction in a bullish market.” He also reminds us that similar episodes (sometimes far more severe) have marked every cycle since 2013 without calling into question the underlying bitcoin trend.
In both cases, one detail worries some observers more. Unlike the sale of 704 BTC made by Strategy in December 2022, the latest sale seems final. It is indeed aimed at covering an operational debt, with no announced buyback commitment.
One thing is certain: this correction reminds us that the bitcoin market remains volatile. Is this an ordinary correction in a bull run or the first signal of a deeper fragility? The coming days will probably bring an answer.
Maximize your Cointribune experience with our "Read to Earn" program! For every article you read, earn points and access exclusive rewards. Sign up now and start earning benefits.
My name is Ariela, and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago, but it is a universe that greatly interests me. The topics covered on the platform allow me to learn more. A singer in my spare time, I also cultivate a great passion for music and reading (and animals!)
The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.