Bitcoin Falls Below $72,000 as Long Liquidations Surge and ETF Outflows Deepen

Bitcoin slipped below the $72,000 level on June 1 as selling pressure intensified across the crypto market. The decline triggered a wave of liquidations, with traders facing significant losses as bullish positions were rapidly wiped out.

Data from Coinglass showed that approximately $93.69 million in crypto positions were liquidated within a single hour. Nearly 95% of those liquidations came from long positions, highlighting the scale of the market’s sudden downturn.

Bitcoin Longs Account for Most Liquidations

Bitcoin alone represented $75.34 million of the hourly liquidations, while Ether followed with $10.77 million. Over the past 24 hours, total crypto liquidations reached $402 million across more than 135,000 traders. Long positions accounted for $275 million of those losses, compared with $127 million from short positions.

The sell off pushed Bitcoin from intraday highs above $74,000 to nearly $71,730 during late trading hours, marking a decline of more than 2.2%.

Strategy Bitcoin Sale and ETF Outflows Add Pressure

Market sentiment weakened further after Strategy disclosed the sale of 32 Bitcoin worth roughly $2.5 million at an average price of $77,135 per coin. The proceeds are expected to support preferred stock dividend payments.

Meanwhile, U.S. spot Bitcoin ETFs recorded a record 10-session outflow streak, losing $2.97 billion between May 15 and May 29. Rising oil prices above $93 per barrel and uncertainty surrounding U.S.-Iran negotiations also reduced investor appetite for risk assets, adding further pressure to the crypto market.