On June 2, the price of the leading cryptocurrency dropped to $69,751. This decline was driven by escalating tensions between the U.S. 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.
Hourly chart of BTC/USDT on Binance. Source: TradingView.Other top-10 cryptocurrencies also fell into the "red zone": BNB lost 0.6%, Solana dropped 1.4%, and XRP fell by 3%.
Source: CoinGecko.Dominik John, an analyst at Zeus Research, linked the negative trend to rising geopolitical tensions. Investors began to shed volatile assets due to concerns about 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. For the first time since December 2022, the company sold part of its holdings — 32 BTC worth about $2.5 million. The firm plans to use these funds to pay dividends on preferred shares.
Experts noted that the transaction volume was insignificant for the market. However, Jeff May, COO of BTSE, views the situation as a negative psychological signal. He stated that Strategy's actions indicate even the largest holders are feeling pressure from the recent price declines.
While the crypto market was declining, U.S. stock indices S&P 500 and Nasdaq closed slightly higher. Asian markets showed mixed dynamics: Japan's Nikkei 225 and South Korea's Kospi fell, while Chinese indices rose.
Andri Fauzan Adzima, head of research at Bitrue, noted that Bitcoin is trading as a high-risk asset tied to macroeconomic expectations, rather than as an independent hedging tool. He believes this is a temporary phase in the cycle: as market conditions improve, the cryptocurrency will likely show leading growth.
At Santiment, analysts confirmed that investors are increasingly favoring 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 began actively moving coins after the price dipped 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 first cryptocurrency's network recorded a record number of transactions worth over $100,000 since April 22. Analysts noted that the surge in large transfers during price declines historically indicates a phase of 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. This continuous negative trend has persisted since May 15, marking 11 consecutive sessions.
Source: SoSoValue.The majority of the outflow on the last trading day was from IBIT by BlackRock, which saw $440.3 million withdrawn. The only inflow was $6.14 million into MSBT by Morgan Stanley.
Over the past 11 days, funds have lost $3.45 billion. The total outflow for May reached $2.43 billion — the worst monthly figure since November 2025. Researchers from Bitrue linked this to rising inflation in the U.S. and high yields on government bonds. Institutional investors are redirecting capital to other assets, including stocks in the AI sector.
Spot Ethereum ETFs have also completed 15 consecutive trading days with negative results. On June 1, investors withdrew $44.44 million.
Source: SoSoValue.It is worth noting that during the trading week from May 25 to May 29, the outflow from digital asset investment products totaled $1.67 billion.