EL7.AI
CryptoMediumUpdated•Originally published 2 June 2026•Updated 2 June 2026•
1 min read

Bitcoin Long Liquidations Hit $455M as Price Breaks Below $70,000

Key Facts

1Bitcoin's drop below the $70,000 threshold triggered the liquidation of $455 million in long positions.
2The asset hit an eight-week low of $69,390, temporarily pushing its market capitalization below $1.4 trillion.
3The cryptocurrency lost approximately $4,000 in value over a 48-hour period.

After weeks of price volatility, the cryptocurrency market experienced a sharp downturn that triggered the liquidation of $455 million in long positions as Bitcoin fell below the $70,000 threshold. According to reports, the asset hit an eight-week low of $69,390, temporarily pushing its market capitalization below $1.4 trillion. The cryptocurrency lost approximately $4,000 in value over a 48-hour period, reflecting intense selling pressure.

This decline comes amid mounting pressure from Bitcoin ETF outflows, with US-based spot ETFs recording net outflows exceeding $100 million in recent sessions per Farside Investors data. In comparison to other digital assets, Ethereum saw a similar decline of 3.5% during the same timeframe, while institutional selling pressure remains a focus as major holders like MicroStrategy monitor technical support levels closely per market data.

Traders should watch for price stabilization around current support levels, with Bitcoin trading near $69,400 (June 2, 2026). Looking ahead, the US Core PCE Price Index data scheduled for release on May 28 will be a critical catalyst, as it may influence US Dollar strength and subsequent risk appetite in the crypto markets.