Bitcoin started June on the back foot, tumbling below $71,000 for the first time since April 13. According to data from Bitstamp, bitcoin dropped to an intraday low of $70,574, a nearly 5% decline from its 24-hour peak of $74,000. Although the top cryptocurrency subsequently erased some losses by quickly reclaiming $71,000, the price action shows bitcoin continuing a trend that saw it close May down nearly 9%.

The cryptocurrency’s brief drop well below $71,000 also dragged its market capitalization to $1.41 trillion, which in turn pulled the broader cryptocurrency economy’s market cap down to $2.52 trillion. Bitcoin’s swift $3,000 value wipeout and partial reversal within a 24-hour window triggered the liquidation of more than $275 million in leveraged bets. Of this total, liquidated long bets accounted for approximately $262 million, or almost 95%.

Overall, the broader crypto market sell-off saw $627 million in leveraged positions liquidated, with long bets alone accounting for close to $478 million. This marks the second time in less than a week that total 24-hour liquidations have exceeded $500 million.

Several compounding factors contributed to the bearish sentiment sweeping the crypto market. The initial downturn followed reports of weekend U.S. military strikes against targets in Iran. Although the U.S. characterized the operations as self-defense, this did not stop Iranian forces from retaliating by launching drone and missile strikes at a U.S. base in Kuwait. Market anxiety deepened later in the day after Iran withdrew from negotiations, citing alleged Israeli ceasefire violations.

The collapse of negotiations triggered an immediate shockwave. Oil prices spiked, with Brent crude momentarily jumping from $91.31 a barrel to just over $97, while WTI surged from its Friday low of $86.57 to an intraday peak of nearly $95. Beyond the immediate energy shock, Iran’s exit from the talks sharply raises the risk of a return to active warfare.

While geopolitical tensions set the stage, the crypto market was further rattled by reports that Strategy had sold a portion of its bitcoin holdings in May. Following weeks of speculation that the corporate treasury was planning an asset offload to raise capital, the revelation sparked widespread panic and triggered fierce criticism of the company.

Strategy Executive Chairman Michael Saylor’s silence on the sale further fueled market debate, particularly after a Sunday social media post hinted at a forthcoming bitcoin acquisition. His subsequent attempt to redirect the narrative by posting on X that Strategy’s objective is “to make STRC the best credit instrument in the world” was widely panned by investors looking for direct clarity.

While the 32 bitcoins sold by Strategy represent a minuscule fraction of its massive treasury, critics argue the mere optics of the sale have inflicted significant narrative damage. Conversely, defenders pushed back against the backlash, suggesting the transaction was simply a routine move to demonstrate bitcoin’s deep market liquidity.

For years, Strategy’s massive buy orders have acted as a powerful psychological backstop for Bitcoin bulls. Now, the fear is simple: if the market’s biggest corporate cheerleader is quietly heading for the exits, it risks flipping the ultimate bullish catalyst into a devastatingly bearish omen.

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