Bitcoin fell back below $70,000 this week and was hovering around $67,000 as equities kept printing records in the S&P 500 and Nasdaq 100. Spot Bitcoin ETFs logged more than $23 billion of net outflows in recent weeks, including a $483.8 million exit on June 1, while Strategy disclosed it sold 32 BTC between May 26 and May 31 to fund preferred dividend distributions.

Bitcoin's daily network activity has cooled sharply since May 2021, even as BTC's price has stayed above its prior-cycle levels for much of the current cycle. Active addresses fell from roughly 1.12 million to about 624,000 and new wallets from nearly 489,000 to around 278,000 per day. In May, crypto-market discussion rebounded, with Bitcoin-related chatter up about 24% versus April, despite participation remaining uneven.

CryptoQuant contributor MorenoDV says an onchain market-stress indicator that has historically aligned with major Bitcoin cycle lows is currently near 40%, showing notable pressure but below past bottom extremes. Bitcoin started June under $70,000 after U.S. spot bitcoin ETFs saw about $2.43 billion of outflows in May, the largest monthly redemption of 2026. MorenoDV argues the strongest entries typically appear only after selling exhaustion pushes the gauge into its "maximum opportunity" zone.

Finbold's AI Agent issued a Bitcoin (BTC) outlook on June 2, projecting an average 7.41% decline in the coming weeks to $62,678 by June 30, 2026. The tool referenced multiple LLM outputs and technical indicators, while BTC was trading around $67,590 at press time after falling more than 14% over the prior 30 days.

Strive Inc. disclosed it bought 2,500 bitcoin between May 23 and June 1, 2026, bringing total holdings to 19,000 BTC and increasing its sensitivity to bitcoin price moves. Over the same window, cash and cash equivalents rose to $137.3 million from $93.3 million, while its STRC stock position's fair value shifted to $49.5 million from $50.1 million. Separately, the company outlined steps to expand two at-the-market programs by $2.1 billion each, potentially increasing future financing capacity.

BlackRock moved 6,164 BTC to Coinbase in transfers valued at about $425 million, with the activity reported on Tuesday, June 2. The deposit was split across roughly 13 transactions, mostly in 300 BTC batches, and some market participants view it as a possible sell-related move amid ongoing ETF outflows.

On June 2, Bitcoin (BTC) extended its decline, slipping under $70,000 and briefly trading in the $69,000 area as broader market sentiment turned risk-off. Analysts pointed to a break of a key support region, while ETF outflows and weakening momentum indicators continued to pressure price action.

Bitcoin fell through the $70,000 level and slid to around $67,500 within about 40 hours, after starting June near $74,000. Over the past day, more than $1 billion in leveraged positions were liquidated, with longs accounting for 90%, and over 170,000 traders impacted.