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Bitcoin Flash Crashes Below $70K, Triggers $766M Liquidations on June 2

Price Volatility Derivatives Data On-Chain Data Capital Flow Stocks

2026-06-02 09:34:01

BTC-4.57%

On June 2, Bitcoin briefly dropped below $70,000 for the first time since April, according to trading data, triggering $766 million in liquidations. The price decline coincided with Mt. Gox transferring 10,306 BTC worth $731 million to new wallets, sparking concerns about upcoming creditor distributions scheduled for October 2026. The exchange still controls 34,500 BTC from its collapsed operations. Meanwhile, MicroStrategy sold 32 BTC worth $2.5 million during the selloff. CEO Michael Saylor explained the sale as a liquidity demonstration aimed at traditional financial institutions, arguing it proves Bitcoin can function as a practical corporate treasury reserve.

Disclaimer: The information on this page may come from third-party sources and is for reference only. It does not represent the views or opinions of Gate and does not constitute any financial, investment, or legal advice. Virtual asset trading involves high risk. Please do not rely solely on the information on this page when making decisions. For details, see the Disclaimer.

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