Bitcoin crash triggers billions in liquidations

The digital assets market, which had already been struggling for months now, is now witnessing a bloodbath after Michael Saylor’s Bitcoin (BTC) treasury firm Strategy (Nasdaq: MSTR) announced the sale of 32 BTC.

The total cryptocurrency market cap has declined from $2.57 trillion on the announcement day on June 1 to $2.38 trillion at press time. So, the crypto market has lost $190 billion this month.

Bitcoin (BTC) has dropped from $73,800 to below $67,000 during the same period. It is the cryptocurrency’s worst price range since February this year.

Similarly, Ethereum (ETH) has fallen from $2,000 to $1,870, and XRP from $1.34 to $1.23 this month.

Related: Elon Musk brings back his McDonald’s Happy Meal offer

Massive liquidations hit crypto market

As the market began to bleed, traders rushed to liquidate their positions. In the past 24 hours, 266,158 traders got liquidated as per Coinglass.

$1.50 billion in long and $233 million in short crypto positions got liquidated during the same period.

Bitcoin ($773 million), Ether ($482 million), and Solana ($88 million) remained the most liquidated crypto assets during the last 24 hours.

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Crypto stocks take a hit

The Strategy (Nasdaq: MSTR) stock fell only 0.50% today to trade at $135 at press time.

Bitmine Immersion Technologies (NYSE: BMNR), the leading Ether treasury firm, however, fell nearly 4% to trade at $17.30.

The Coinbase Global (Nasdaq: COIN) stock also fell 2.5% to trade at $169.75.

Robinhood Markets (Nasdaq: HOOD) fell nearly 5% to trade at $83.90 at press time. The Circle Internet Group (NYSE: CRCL) stock similarly fell nearly 5% to trade at $95.90.

Related: Analyst cuts MicroStrategy price target by 20%

This story was originally published by TheStreet on Jun 3, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.