Bitcoin falls below $70,000 following "Mt. Gox" transfers and symbolic sale by "Strategy"

Bitcoin fell below the $70,000 mark on Tuesday for the first time since the beginning of April, as a series of negative factors compounded and deepened the crypto market sell-off. Geopolitical tensions surrounding the conflict between the US and Iran, a symbolic but telling sale of Bitcoin by its largest corporate holder, and large-scale fund transfers from the bankrupt "Mt. Gox" exchange created heavy downward pressure on the price.

"Strategy" breaks the unwritten rule of "never selling"

The company "Strategy Inc.", formerly known as "MicroStrategy", disclosed in an 8-K filing on June 1 that it had sold 32 Bitcoins for approximately $2.5 million between May 26 and May 31. At first glance, this is a minimal amount relative to its reserve of approximately 843,738 BTC, but the sale is the first since 2022 and effectively refutes the widely held belief that the company's strategy is entirely focused on accumulation rather than sales.

According to "Barron's", the 32 BTC sold represent just 0.0038% of "Strategy's" total position. Nevertheless, the symbolic effect was significant: the market saw this transaction as a signal that even the most avid corporate "hodlers" are prepared to adjust their approach under certain conditions. The disclosure coincided with already soured sentiment due to the ongoing military conflict between the US and Iran, which has destabilized global markets since February.

"Mt. Gox" adds pressure from sellers

The drop below $70,000 accelerated on Tuesday after blockchain data showed that "Mt. Gox" had transferred about 10,422 BTC – worth approximately $739 million – to new wallets. According to "BeInCrypto", the majority of the amount, approximately 10,306 BTC, was sent to an unknown address, sparking speculation that a distribution of funds to creditors is imminent.

The prospect of thousands of Bitcoins reaching "Mt. Gox" claim holders and potentially having a portion sold on the market increased concerns about additional price pressure. Investors reacted nervously, attempting to get ahead of a possible new wave of selling.

US ETFs record heavy outflows

Spot Bitcoin ETFs in the US were already under serious pressure. For the week ending June 1, net outflows reached $1.67 billion – the third consecutive week of redemptions. The total outflow for the three-week period exceeds $4.2 billion, indicating a clear cooling of institutional interest in the short term.

On a broader scale, the entire crypto market was hit by a previous wave of sell-offs, provoked by new US airstrikes on Iran at the end of May. The volume of liquidations during this period reached nearly $934 million, which further intensified volatility and increased investor sensitivity to negative news.

The technical picture is deteriorating

At the beginning of June, Bitcoin was trading around $73,500, but gradually headed down toward the key support level of $70,000 and eventually broke through it. Analysts at "BeInCrypto" identified $70,342 as the critical lower boundary of the trend channel, warning that a break below it opens the path to the 0.382 Fibonacci level at $68,348 and potentially to deeper support zones in the $64,000 region.

Currently, Bitcoin is trading approximately 44% below its all-time high of around $126,000 reached in October 2025. This highlights the scale of the correction, despite the fact that the price remains significantly above the historical averages of previous cycles.

Altcoins follow the downward trend

Against the backdrop of an increased flight from risky assets, other leading cryptocurrencies also headed lower. "Ethereum" and "Solana" recorded declines, following the general downward market trend. Investors have redirected capital toward more conservative assets while they monitor the development of the geopolitical situation and the reaction of institutional players.

The combination of geopolitical uncertainty, significant ETF outflows, symbolic but closely watched sales by major corporate holders, and expectations for a potential distribution of "Mt. Gox" funds leaves the crypto market under strong pressure. For now, participants are carefully watching to see if levels around $68,000–$64,000 will hold as the next key support areas.