On June 2, the price of the leading cryptocurrency dropped to $69,751. The decline occurred amid escalating tensions between the US and Iran, as well as the sale of part of its reserves by Strategy.
In the past 24 hours, Bitcoin has decreased by 3.9%. At the time of writing, the asset is trading at $69,966.
Other top-10 cryptocurrencies also entered the “red zone”: BNB lost 0.6%, Solana fell by 1.4%, and XRP by 3%.
Zeus Research analyst Dominic John linked the negative trend to rising geopolitical tensions. Investors began shedding volatile assets due to fears of destabilization in the Strait of Hormuz following the suspension of negotiations between Washington and Tehran.
Additional pressure on the market came from news about Strategy. The company sold part of its reserves for the first time since December 2022 — 32 BTC worth about $2.5 million. The firm will use these funds to pay dividends on preferred shares.
Experts pointed out the insignificant volume of the deal for the market. However, BTSE exchange COO Jeff May considers the situation a negative psychological signal. According to him, Strategy’s actions indicate that even the largest holders feel pressure from the recent price decline.
While the crypto market was falling, US stock indexes S&P 500 and Nasdaq closed slightly up. In Asian markets, there is mixed dynamics: Japan’s Nikkei 225 and South Korea’s Kospi are declining, while Chinese indexes are showing growth.
Head of Research at Bitrue Andri Fauzan Adjima noted that Bitcoin is trading as a high-risk asset tied to macroeconomic expectations rather than as an independent hedging tool. According to him, this is a temporary phase of the cycle: as market conditions improve, the cryptocurrency will show leading growth.
Santiment confirmed that investors have increasingly favored stocks due to their returns and low volatility.
📊 The gap between traditional equities and crypto has become increasingly difficult for traders to ignore. From May 6th through June 1st, the S&P 500 has climbed another +4%, while Bitcoin is down -13% and gold -5%. This divergence has led to a growing preference among investors… pic.twitter.com/TMcT32sIvt
— Santiment Intelligence (@SantimentData) June 1, 2026
This creates a “self-reinforcing cycle,” where capital flows from the crypto industry to the traditional sector.
Santiment experts also reported that whales have started actively moving coins after the price fell to $70,011.
🐳 As Bitcoin dipped as low as $70,011, our on-chain data indicates the network saw the most transactions valued at $100K or more since April 22nd. This is historically a strong sign of whale accumulation.
🔗 Track $BTC whale activity here on this chart: https://t.co/voRQUWucDF pic.twitter.com/KnOeOiho3y
— Santiment Intelligence (@SantimentData) June 2, 2026
The network of the leading cryptocurrency recorded a record number of transactions of $100,000 or more since April 22. Analysts noted that a surge in large transfers during a price drop historically indicates a phase of asset accumulation by whales.
What About ETFs?
On June 1, the net outflow from exchange-traded funds based on digital gold amounted to $483.76 million. The continuous negative trend has persisted since May 15 — for 11 consecutive sessions.
The main volume on the last trading day was from BlackRock’s IBIT — $440.3 million was withdrawn from the fund. The only inflow of $6.14 million was recorded at Morgan Stanley’s MSBT.
In the last 11 days, funds have lost $3.45 billion. The total outflow for May was $2.43 billion — the worst monthly figure since November 2025. Researchers from Bitrue linked this to rising inflation in the US and high yields on government bonds. Institutional investors are redirecting capital to other assets, including AI sector stocks.
Spot Ethereum ETFs completed their 15th consecutive trading day with a negative result. On June 1, investors withdrew $44.44 million.
During the trading week from May 25 to 29, the outflow from investment products based on digital assets amounted to $1.67 billion.