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Breaking News: Bitcoin Price Falls To $67,000 And Breaks The Map For Bulls—Here’s What Happens Next
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Breaking News: Bitcoin Price Falls To $67,000 And Breaks The Map For Bulls—Here’s What Happens Next

Bitcoin Bulls Crushed: Sub-$70,000 Crash Flushes $428M In Longs

Keshav Verma
Keshav Verma
Last Updated: June 3, 2026 5:00 am
2 mins read
Bitcoin

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Data shows bullish bets related to Bitcoin have suffered a massive amount of liquidations as the asset’s price has plunged below the $70,000 mark.

Bitcoin Falls Below $70,000 For The First Time Since April

Following up on the bearish tone set during the second half of May, Bitcoin has opened June with another drawdown as its price has slipped under $70,000 for the first time since April 7th.

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Below is a chart that shows how the latest bearish action has looked for the cryptocurrency.

Bitcoin Price Chart
BTC has gone downhill during the past day | Source: BTCUSDT on TradingView

Over the last 24 hours, Bitcoin has gone down by nearly 5%, hitting the $69,400 mark. Interestingly, while the original digital asset has suffered this blow, Ethereum, the second-largest token by market cap, has managed to hold up relatively well, being down by just 0.7% inside this window. Even many altcoins have seen smaller losses than BTC.

The reason behind the disproportionate decline in Bitcoin may lie in the fact that its bearish action was triggered at least in part by a rare sale from Strategy, the largest treasury holder of the asset. Meanwhile, Bitmine, the Strategy-equivalent for Ethereum, announced another acquisition instead.

As BTC’s drop during the past day has been significant, it has caught out a significant number of traders on the derivatives market.

BTC-Related Liquidations Have Crossed $445 Million

According to data from CoinGlass, a notable amount of liquidations related to Bitcoin have racked up on centralized exchanges over the last 24 hours. “Liquidation” here refers to the forceful closure that any open contract undergoes after it has amassed a certain percentage in losses (as defined by the specific platform).

As displayed in the below table, total liquidations related to the digital asset sector have broken the $800 million mark.

Bitcoin & Crypto
The liquidations have heavily tended toward long contracts | Source: CoinGlass

Out of these, more than $689 million in contracts involved were long positions. In percentage terms, this figure is equivalent to more than 85%. This dominance of bullish liquidations naturally makes sense in the context of the decline that the market has faced during the past day.

As Bitcoin was struck particularly hard inside this window, it was by far the biggest contributor to the liquidations.

Bitcoin liquidations
The heatmap related to the latest market liquidations | Source: CoinGlass

From the above heatmap, it’s visible that a total of $445 million in BTC contracts were liquidated in the last 24 hours. The share of long liquidations was notably higher than the average for the wider sector, with more than 95% of contracts involved being bullish bets.

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Ethereum Price Falls, But Whales Push Holdings To 10-Week High

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While Ethereum’s price action has been relatively flat, it still ended up garnering $91 million in liquidations, the second-most behind Bitcoin.

Featured image from Dall-E, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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