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.
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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.
