Bitcoin Crashes to $65,421 as $1.8B Liquidations Hit, June 03

Bitcoin fell to $65,421 on June 3, marking its lowest level since February and a 3.7% daily decline. The world’s largest cryptocurrency has dropped 16.8% this month as $1.8 billion in leveraged positions liquidated in a single day. Capital is flowing from crypto into equities and anticipated IPOs from SpaceX, OpenAI, and Anthropic, while record ETF outflows intensify selling pressure.

Massive Liquidations Wipe Out Traders

Nearly $1.8 billion in leveraged crypto positions liquidated on June 2, the largest wipeout so far in 2026. Over 272,000 traders were liquidated, with long positions accounting for $1.57 billion of the damage and shorts at $215.7 million. Bitcoin alone saw $833 million in liquidations, followed by Ethereum at $480 million and Solana at $90 million.

ETF Outflows Hit 11-Day Record

US spot Bitcoin ETFs recorded outflows totalling between $2.8 billion and $3.5 billion over 11 consecutive trading days, the longest redemption streak since the funds launched in January 2024. BlackRock’s iShares Bitcoin Trust posted a single-day outflow of $440 million on the final trading session of May. Assets under management fell from $104 billion to roughly $94 billion in under two weeks.

Stocks and IPOs Drain Crypto Liquidity

Capital is rotating from crypto into equities as the S&P 500 and Nasdaq 100 closed at record highs on Tuesday. Anticipated IPOs from SpaceX, OpenAI, and Anthropic are drawing investor interest away from Bitcoin. Trading firm QCP stated that crypto faces competition for capital as equity markets continue to outperform. Both crypto-native investors and traditional asset managers are being pulled toward stronger equity narratives.

Support Levels Under Pressure

Technical analysts warn that Bitcoin must hold around $65,000 to avoid testing year-to-date lows near $60,000. Bitcoin price is forecasted to potentially drop below $60,000 in June 2026 due to increased selling pressure after multiple rejections at $82,000 last month. If Bitcoin breaks below $63,000 to $64,000, the next targets are $62,000, then the psychological $60,000 level, followed by $58,000.

Final Thoughts

Bitcoin at $65,421 faces critical support as liquidity flows to stocks and IPOs. Meyka rates BTCUSD a C+ HOLD with a 12-month target of $97,868, suggesting recovery potential but near-term downside risk remains elevated.

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The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.