Bitcoin price endured a brutal start to the week, briefly crashing below $70,000, just now, for the first time since April. This has also triggered a wave of liquidations of $766 million as news on Saylor and Strategy Bitcoin selling hit the market’s trust.
The selloff arrived amid concerns surrounding Mt. Gox, whose latest Bitcoin transfer brought fears of creditor distributions. At the same time, rising geopolitical tensions involving Iran, President Donald Trump, and Israeli Prime Minister Benjamin Netanyahu added another layer of uncertainty.
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Bitcoin Price Falls Below $70K as Mt.Gox Awakens and Gets Active
Bitcoin’s drop below the psychologically important $70,000 level has somehow caught us off guard. While there was no single catalyst behind the move, weeks of weakening momentum, ETF outflows, and growing market fear created the conditions for a sharp downside break.
Once key support levels failed, leveraged positions were quickly liquidated, accelerating the decline. Major altcoins followed Bitcoin lower, though Bitcoin’s dominance level is dropping under 60%, showing the strength of altcoins.
The market’s anxiety intensified after Mt. Gox transferred 10,306 BTC, or $731 million, from cold storage into new and hot wallets. The movement marked the largest transfer from the estate in more than two months and sparked speculation that additional creditor repayments are approaching.
For years, Mt. Gox has remained one of crypto’s biggest jeopardizers. The collapsed exchange still controls 34,500 BTC, and with the repayment deadline set for October 2026, investors remain sensitive to any activity involving the estate’s wallets. We just don’t want to see a single sale of creditors’ Bitcoins when they receive theirs. It’s going to be ugly for us.
However, previous repayment-related transfers generated short-term volatility, but markets eventually absorbed the selling pressure. Many creditors have waited more than a decade for repayment and may be less inclined to sell immediately than we expect. For now, the uncertainty alone appears sufficient to keep market sentiment fragile.
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Saylor Says Strategy’s Bitcoin Sale Proves Liquidity, It’s a “Nothing Burger,” But Price Says Otherwise
As Bitcoin struggled, attention also turned to Strategy after the company sold 32 BTC worth $2.5 million. The transaction sparked debate, fear, and even memes online as people questioned whether the company was quietly reducing exposure after years of aggressive accumulation. Although Bitcoin ran from $12K to its all-time high, the last time Strategy sold their stack.
But, according to Saylor, the sale was a deliberate demonstration aimed at traditional financial rails, banks, and credit-rating agencies that continue to view Bitcoin as an illiquid or difficult-to-monetize asset on corporate balance sheets.
He challenges them by showing that the ability to convert Bitcoin into cash almost instantly is one of the asset’s greatest strengths. By executing a small sale while maintaining its accumulation strategy, Strategy sought to show that Bitcoin can function as a practical treasury reserve, not just simply a long-term speculative holding.
People are overthinking the 32 BTC sale.
“Why sell?”
“Why not just buy less next week?”
“Is this bearish?”
Michael @saylor already explained the logic:
• If Bitcoin can’t be sold, critics say it has no value.
• If it has no value, the balance sheet value is zero.
• If the… pic.twitter.com/i8Dx2QpMC4— Alex
(@AlexesNakamoto) June 1, 2026
Saylor described the act as a form of economic arbitrage, clearly showing the depth of both Bitcoin’s spot and derivatives markets. In his view, proving liquidity helps lenders and credit agencies better evaluate companies that hold large Bitcoin reserves.
The proceeds from the sale were reportedly used to meet corporate obligations, including dividend requirements, while allowing the company to remain a net buyer of Bitcoin overall.
Despite criticism surrounding the timing, Saylor dismissed the controversy as a “nothing burger,” insisting that Strategy remains fully committed to expanding its Bitcoin position over the long term.
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Trump Called Netanyahu “Crazy” as Geopolitical Tension Hit Bitcoin and The Market Again
Recent reports alleging that Iran continues using crypto networks to bypass sanctions have attracted attention from U.S. regulators and policymakers. The issue has resurfaced amid concerns about how crypto can be used to move funds outside traditional systems. This comes as Axios sources report a growing friction between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu.
JUST IN:
Axios sources say President Trump was "pissed" during call with Israeli Prime Minister Netanyahu and told him off:
"You're f*cking crazy. You'd be in prison if it weren't for me. I'm saving your ass. Everybody hates you now. Everybody hates Israel because of this."… pic.twitter.com/Im1NvO1Jdj— BRICS News (@BRICSinfo) June 1, 2026
According to insiders, Trump has become increasingly frustrated with Israel’s approach toward Iran, with reports believing tensions between the two leaders have grown hotter behind closed doors. While political disagreements are nothing new, any deterioration in U.S.-Israel coordination could affect Middle East stability and global markets.
For crypto investors, geopolitical events often create conflicting forces. On one hand, rising uncertainty can trigger a big sell-off. On the other hand, Bitcoin is increasingly viewed as a neutral asset that operates outside traditional financial and political systems.
As the market digests Mt. Gox developments, Strategy liquidity demonstration, and a growing list of geopolitical concerns, we are now watching with pain. Follow us here for more news, and maybe pains.
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The post Crypto News, June 2: Bitcoin Price Flash Crashes Below $70K, Saylor Explains Strategy Sale, Trump Saving Bibi’s Ass appeared first on Cryptonews.
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