TL;DR:
Bitcoin’s June selloff deepened into a multi-month low, with BTC sliding to about $65,300 before a modest rebound toward $67,000. The move followed a brutal sequence that began after Bitcoin lost $80,000 at the end of May, then failed at $74,000 and finally broke below $70,000. The market’s problem is no longer just price weakness, because total crypto capitalization contracted near $2.32 trillion to $2.4 trillion while Bitcoin dominance fell below 56%, showing pressure is spreading unevenly across a market that only weeks earlier was still trying to defend a much larger valuation.
The damage was clearest in derivatives. Crypto markets saw $1.8 billion in liquidations over 24 hours, including $1.5 billion from long positions and $300 million from shorts. Bitcoin alone accounted for $846 million in wiped-out equity as traders were forced out during the drop. The liquidation map shows how crowded the rebound trade had become, with bullish leverage punished as BTC fell 4.17% on the day and 11.7% for the week, even after briefly recovering some ground from the sub-$66,000 area.
ETF flows added another layer of stress. Spot Bitcoin ETFs recorded $519 million in daily net outflows on June 2, marking a record 12th straight day of withdrawals. BlackRock’s IBIT saw nearly $389 million leave, followed by Fidelity’s FBTC at about $45 million and Grayscale’s GBTC at more than $83 million. Institutional products are not cushioning the fall this time, while Ethereum ETFs also posted roughly $90 million in outflows, suggesting large allocators are stepping back as uncertainty rises rather than buying the dip aggressively.
The altcoin picture looked fractured rather than uniformly bearish. Ether fell below $1,900, Solana traded near $75 after a similar daily decline, and XRP briefly dropped to $1.20 before recovering to $1.24. Yet DEXE and ENA surged by more than 20%, while ONDO, WLD and VVV also posted double-digit gains. The strange signal is selective speculation inside broad fear, with Solana ETFs attracting $6.5 million, Hyperliquid products adding $3.1 million, the Fear and Greed Index at 26, and the Altcoin Season indicator at 53 as traders debate whether falling Bitcoin dominance hints at rotation or merely another unstable bounce. For now, the market is liquid, nervous and unusually divided under pressure despite heavy selling.
