Bitcoin saw its sharpest sell-off in months this week, crashing from $74,000 to around $67,500 in roughly 40 hours. The move, which pushed the price to a new multi-month low, triggered over $1 billion in total liquidations across exchanges, with long positions taking the brunt. More than 170,000 traders were wiped out, and the single largest liquidation — worth over $27 million — hit Hyperliquid.
The sell-off in numbers
The drop wasn't subtle. Bitcoin entered June sitting at $74,000, only to lose $6,500 in less than two days. That's a decline that accelerated after the asset lost support at $70,000. It now sits below $68,000, a level not seen in months. Of the $1 billion-plus liquidations, 90% came from longs — a brutal reset for leveraged bulls. The biggest single blow was a $27 million position vaporized on Hyperliquid.
What happened to bitcoin dominance
Bitcoin's share of the total crypto market cap also took a hit. On CoinGecko, dominance slipped under 56% — down more than 1% in a day and over 2% in the past week. That suggests capital rotated out of bitcoin into altcoins or stablecoins, at least temporarily. It's a sign that the broader market isn't treating this as a systemic panic, but the damage to bitcoin-specific sentiment is real.
Strategy's move adds to pressure
Speculation has centered on a possible trigger: Strategy, the corporate bitcoin holder formerly known as MicroStrategy, sold a small portion of its holdings. The sale itself was minor relative to its total stash, but the timing — during a fragile market — may have spooked traders. The company hasn't commented on the reason, but the move is being discussed across trading desks as a potential catalyst. Whether that's fair or not, the perception alone added weight on a market already tilting lower.
Where bitcoin goes next
Bitcoin had been as high as $82,000 just a few weeks ago before getting rejected and driven sharply lower. Now, most analysts say they expect the price to test $65,000 or lower in the coming days. That's the next big level to watch. If $65,000 doesn't hold, the floor could be even further down — nobody's calling a bottom just yet.
