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CryptoMediumUpdated×2•Originally published 3 June 2026•Updated 4 June 2026•
1 min read

Bitcoin Slides Toward $61,400 as Mt. Gox Transfers Fuel Fresh Selling Pressure

Key Facts

1Bitcoin funds saw record outflows of $1.44 billion as prices slumped to levels not seen since early April.
2Large investors (whales) triggered a market rout by dumping 25,000 BTC, intensifying selling pressure.
3$455 million in long positions were liquidated after Bitcoin broke below the key $70,000 support level.

The world's largest cryptocurrency extended its losses toward $61,400, driven by fresh selling pressure linked to the defunct Mt. Gox exchange. According to analyst reports, the exchange moved Bitcoin to the Bitstamp platform, triggering a break below previous support levels and deepening a sell-off initially sparked by record ETF outflows and massive long liquidations.

This sharp decline erases weeks of stability above the $70,000 mark, as the Mt. Gox transfers coincided with whales dumping 25,000 BTC and institutional outflows totaling $1.44 billion. In comparison to peer performance, Ethereum saw a similar decline per market data, reflecting a broader risk-off sentiment across the digital asset sector.

Traders are now focused on the psychological support level at $60,000, with Bitcoin trading at $61,400 (close June 4, 2026). While markets await US PCE inflation data on May 28 to gauge interest rate direction, the ongoing Mt. Gox distributions remain the primary catalyst for near-term price action.

Latest Updates · 1

  1. Notable·

    Update: Subsequent market data revealed the massive scale of liquidations accompanying the drop, with the total value exceeding $1.6 billion. This pressure was primarily concentrated on long position holders, who faced forced liquidations totaling approximately $1.35 billion, accelerating the downward momentum.