BTC drops 0.54% in 15 minutes: continued outflows of institutional funds and a leveraged liquidation cascade trigger short-term sell pressure

From 20:30 to 20:45 UTC on June 3, 2026, BTC fell by 0.54% within 15 minutes. The price range was 65,180.6–65,562.5 USDT, with a 0.58% amplitude. During this period, Bitcoin continued its recent weakness, with an intraday decline of -6.60%. Price is approaching the $65,000 key support level, and market sentiment is extremely bleak.

The main driver behind this deviation is a negative feedback loop caused by ongoing net outflows of institutional funds. In early June, the daily outflow from Bitcoin ETFs reached $2.8B–$3.5B, setting a historic-level record, with net outflows of $2.30B across all of May. ETF issuers were forced to sell BTC in the spot market to meet redemptions, creating a buying vacuum. At the same time, Strategy conducted significant BTC selling during this period. As a benchmark institution for long-term buying, its selling behavior sends a signal that undermines market confidence, accelerating other holders’ willingness to sell.

Second, leverage liquidations and geopolitical shocks are amplifying each other. On June 3, the crypto market saw $1.8B in forced liquidations (the largest single day since February 2026). Long positions accounted for $1.35B, or as much as 93%. On June 1, the escalation of the US-Iran conflict caused BTC to plunge from $73,500 to $71,500, with more than $400M in leveraged long positions liquidated within 24 hours. Rising oil prices cooled expectations of Fed rate cuts, and tighter liquidity expectations further suppressed the valuation of risk assets. On-chain data shows that whales and long-term holders began reducing positions in sync. Structural issues where long sentiment was overly concentrated were amplified during the selloff.

What needs to be watched now is whether the $65,000 support level holds; if it breaks, price may test the $60,000 integer level. ETF fund flows, changes in whale addresses on-chain, the US Dollar Index, and oil price trends are the core monitoring indicators. Leverage liquidation risk remains elevated, short-term volatility is intensifying, and investors should be wary of additional sell pressure caused by potential chain liquidations.