From 18:15 to 18:30 (UTC) on June 2, 2026, BTC saw a return rate of -0.43% within 15 minutes. The price fell back into the 67,291.3–67,619.7 USDT range, with a range of 0.49%, showing short-term downside pressure in the market.
The main driver behind this move is the continued net outflow of institutional funds. Based on SoSoValue data, Bitcoin spot ETFs recorded a net outflow of $2.30 billion in May 2026, the largest monthly outflow in 2026. Since May 15, they have seen six straight trading days of cumulative outflows totaling $1.26 billion. Cumulative net inflows fell from $58.09 billion to $55.79 billion. As institutional investors withdraw demand for spot allocations, a vacuum in spot market buying pressure forms, making the price more sensitive to sell pressure.
Second, excessive concentration of leveraged long positions in the derivatives market amplified short-term volatility. Data shows that on May 28, more than 160,000 traders were liquidated in the crypto market within 24 hours, with amounts exceeding $900 million. Of this, longs were $873 million, accounting for 93%. BTC derivatives liquidations totaled $363 million. When price is near key technical levels, long position closures triggered by leverage can create a chain of sell pressure.
In addition, tightening macro liquidity combined with changes in expectations for corporate holdings further intensified market pressure. The U.S. Dollar Index hovered in the 96–98 range. High oil prices (WTI broke above $90 per barrel) weakened expectations for a Fed rate cut. Meanwhile, Strategy, as one of the largest corporate buyers, has caused the market to price in a 41.5% probability that it will sell part of its BTC by year-end, shifting supply-demand expectations to the bearish side. On-chain data shows the MVRV Z-score is close to 1, far below historical cycle top levels, and the price’s sensitivity to negative news has increased.
What needs to be watched now includes how the support level near $67,000 performs, whether ETF capital flows can stabilize, and macro policy signals. Short-term volatility risk still remains. It is recommended to track key support and resistance levels and on-chain fund dynamics.
