Crypto Markets Dump $140B as Bitcoin Tanked 7% Toward $65K 

Crypto markets are a bloodbath today, with total capitalization shedding billions and falling to multi-month lows.

Crypto markets have dumped 4.9% or a whopping $140 billion over the past 24 hours, sending total capitalization to $2.37 trillion, its lowest level since early April.

Over the past 24 hours, 265,000 traders were wrecked, and the total liquidations were a whopping $1.63 billion, according to Coinglass. Around 89% of those were long positions, predominantly in Bitcoin and Ethereum.

“Liquidation levels below the current price are likely to hit many traders in the next hours,” said Joao Wedson, founder of Alphractal.

“When price starts accelerating toward these zones, cascading orders can trigger across dozens of exchanges at the same time.”

If you are long, it may be time to seriously reassess your stop loss and keep it closer.

Liquidation levels below the current price are likely to hit many traders in the next hours.

When price starts accelerating toward these zones, cascading orders can trigger across dozens of… pic.twitter.com/J1eehbX8sv

— Joao Wedson (@joao_wedson) June 2, 2026

Key Stakeholders Offloading

The descent of crypto prices, particularly Bitcoin’s drop in the past week, can be attributed “primarily to the dumping by key stakeholders,” revealed Santiment on Wednesday.

Bitcoin whales and sharks holding 10 to 10,000 BTC have dumped 24,602 units in the past week. Meanwhile, Bitcoin micro traders holding under 0.01 BTC have accumulated just 61 units over the same period.

Sentiment across social media is signaling that the average trader is in “extreme fear mode,” reported Santiment. Traders have turned on Bitcoin after seeing the lowest market values since April 5, and Michael Saylor’s Strategy selling has been a “prime initiator,” it added.

Goldbug Peter Schiff was quick to have a dig, stating that there is “way too much complacency in Bitcoin for the market to be anywhere near a bottom.”

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“When Bitcoin breaks $50K, it should be a quick fall below $20K, which should be a big enough drop to shake the conviction of long-term HODLers, causing many to finally throw in the towel.”

Bitcoin author Adam Livingston called the daily dump “a real puke candle,” adding it’s the “kind where retail starts praying to Kevin Warsh’s printer.”

BTC Tanks to $66K, ETH at 4-month Low

Bitcoin has dumped a huge 6% on the day, falling to $65,300 during early Asian trading on Wednesday. It has failed to recover from this two-month low and remains around $66,500 at the time of writing, down 47% from its October peak.

Ether was hit even harder, crashing 7% on the day to $1,850, its lowest level for four months. Market analysts have been warning of a deeper drawdown, and that has started to play out this week.