Bitcoin fell below $68,000 as ETF outflows reached $3.45 billion and leveraged traders faced over $742 million in liquidations.
Bitcoin News
Eleven straight days of money leaving US spot Bitcoin ETFs caught up with the price on June 2. Bitcoin (BTC) fell below $69,000, its lowest level since early April, and traded as low as $67,971, down more than 4% on the day.
Source: CoinMarketCap
The outflow streak has pulled $3.45 billion from those funds. May's net outflow of $2.43 billion was the heaviest since November 2025, and the products have now turned negative for the year.
The selling cascaded into leverage. About 138,612 traders were liquidated in 24 hours, with total liquidations reaching $742.29 million, and nearly $600 million of that coming from bullish BTC positions, according to CoinGlass.
Source: Coinglass
Nobody's Refueling the Machine
On-chain data shows demand draining rather than rotating. Glassnode said the monthly change in realized cap collapsed 57% to near zero, meaning fresh capital has effectively stopped arriving, while the share of supply in profit slipped to 59.8% from 61.5% a week earlier. "The machine is running, but nobody's refueling it," the firm wrote in a June 1 report, when Bitcoin still traded near $71,300.
In a June 2 note, Glassnode said ETF flows had returned to steady outflows and the seven-day average flow for spot BTC ETFs is nearing the weakest level of this cycle, a swing that lined up with Bitcoin sliding from $82,000 to $69,000. It described the trend as materially softer demand.
Derivatives traders, however, are leaning the other way. Open interest in Bitcoin futures climbed to about 773,000 BTC, one of the highest readings on record, and funding rates rose to roughly 10% annualized, per CoinGlass, a sign that leveraged longs are betting on a bounce rather than trimming risk. The Coinbase Premium Index near -100 and the Fear and Greed Index stuck in Fear cut against that bet.
Ethereum (ETH) is under its own strain, holding just below $1,975 and down about 0.6% on the day. Simon-Peter Massabni of XS(dot)com said spot Ethereum ETFs have seen 14 straight days of outflows worth about $712.56 million total, and that a clean break under $2,000 could open a path to $1,900 and then $1,800, with Treasury yields near 4.45% and a dollar index around 99 weighing on both assets.
Source: CoinMarketCap
Macro forces are pulling capital elsewhere. Kyle Rodda of Capital(dot)com said record highs in the S&P 500, driven by AI optimism, were drawing institutional money into equities, while geopolitical tensions and Strategy's surprise BTC sale added pressure. The upcoming nonfarm payrolls report, with consensus at 95,000 jobs and 4.3% unemployment, is the week's main test.
Related News: Bitcoin ETFs Bleed $3.45B Across Record 11-Day Streak
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