On June 3, 2026, the price of Bitcoin sharply dropped below $66,000, marking another stage of the correction that has been ongoing since the beginning of the month. For comparison, at the start of June, the value of the leading cryptocurrency exceeded $74,000, but later BTC partially recovered and is trading near $67,000 at the time of writing.
This is reported by Business • Media
Mass Liquidations and Trader Losses
The decline in Bitcoin’s price led to massive liquidations in the cryptocurrency futures market. According to CoinGlass, over the last 24 hours, positions worth more than $1.86 billion were forcibly closed. These liquidations affected nearly 280,000 traders, with the majority—about $1.65 billion—coming from long positions. The remaining losses were related to short trades. The largest losses were incurred by traders dealing with BTC and ETH pairs, with their losses amounting to approximately $898 million and $482 million, respectively.
Fear Index in Critical Zone
Amid the market decline, the cryptocurrency fear and greed index dropped by 12 points—from 23 to 11—entering the ‘extreme fear’ zone.
According to analysts at Santiment, social media sentiment has turned predominantly bearish. Traders expect the decline in Bitcoin’s price to continue, as the price has already set local lows since April. Additional pressure on the market has come from reports of Bitcoin sales by the company Strategy.
“Historically, the dominance of bearish comments over bullish ones on social media often indicates the capitulation of retail investors. After such periods, the market frequently transitions into a recovery rally,” analysts noted.
Experts also emphasize that a significant portion of market participants is currently anticipating a drop in Bitcoin to levels below $60,000 or even $50,000 in the short term.
Geopolitical Risks and Actions of Major Players
Geopolitical events in the Middle East have also contributed to the instability. The U.S. has imposed sanctions on the largest Iranian cryptocurrency exchanges—Nobitex, Bitpin, Ramzinex, and Wallex. Additionally, U.S. military officials reported that Iran launched missiles towards Kuwait and Bahrain, some of which were intercepted. In response, the U.S. struck an Iranian military facility on Qeshm Island.
Actions by major investors (“whales”) have significantly impacted BTC prices. According to Santiment, wallets holding between 10 and 10,000 BTC reduced their holdings by 24,602 BTC, or 18%, in just one week. Meanwhile, small investors with balances of less than 0.01 BTC increased their assets, purchasing 61 BTC (+12%) over the week.
Experts emphasize that the future behavior of both large and small holders could signal potential entry points if the correction continues.