The bitcoin price fell below the $70,000 mark on Tuesday, June 2, for the first time since April 7, 2026, according to trading data. The drop in the bitcoin price came after news that Strategy, the largest corporate holder of the leading cryptocurrency, sold 32 bitcoins — its first divestment since late 2022.
Analysts highlight two main factors behind the latest drop in the bitcoin price. First, geopolitical tensions stemming from the conflict between the United States and Iran have weighed on risk assets across the board. Second, and more specifically, Strategy's bitcoin sale — the company's first since the end of 2022 — has rattled crypto markets.
As reported by Coindesk, Strategy sold 32 BTC between May 26 and May 31, generating $2.5 million at an average selling price of $77,135 per coin. While the amount is relatively small compared to Strategy's total holdings, crypto traders fear that the company may begin selling bitcoin regularly, which would put further downward pressure on the bitcoin price.
Beyond Strategy's sale, spot bitcoin ETFs in the US have recorded 11 consecutive days of net outflows — a record streak. Investors have withdrawn nearly $3.5 billion during this period, adding further weight to the bitcoin price. The combination of ETF redemptions, geopolitical uncertainty, and the first Strategy sale in years has created a perfect storm for BTC bears.
Experts are closely watching whether the bitcoin price can hold above the psychological $70,000 level. According to Sean McNulty, head of derivatives trading at FalconX, a confirmed daily or weekly close below $70,000 would signal a "structural shift" rather than a mere reaction to news headlines.
"If the bitcoin price closes a day or a week below $70,000, that changes the market structure," McNulty told Bloomberg. "It would suggest that the selling pressure is not just about Strategy or Iran — it's something deeper."
The convergence of negative catalysts — Strategy's first sale in years, record ETF outflows, and rising geopolitical tensions — has turned the bitcoin price into a battleground. Short-term traders are watching for a reclaim of $72,000 as a sign of relief, while longer-term holders are questioning whether the bull market remains intact.
Caroline Moron, co-founder of Orbit Markets, noted: "Geopolitical uncertainty combined with concerns about Strategy's balance sheet are weighing heavily on the bitcoin price. The market is looking for clarity — either a ceasefire or a clear statement from Saylor that no more sales are planned."