hodler

2 Jun 2026, 07:30

Sosnick Warns Crypto’s ‘Tourists’ Are Cashing out as Bitcoin ETFs Bleed $1.42 Billion

Interactive Brokers strategist Steve Sosnick says crypto’s recent wobble has exposed a “ crypto tourist” problem where money that chased performance on the way up is now heading for the exits. The “ Crypto Tourist” Thesis Speaking on Laura Shin’s “Bits + Bips” podcast alongside co-host Steven Ehrlich, Sosnick argued that much of the capital

2 Jun 2026, 07:22

Mt. Gox shifts $729M in BTC as Bitcoin tests support

The cold and hot wallets of Mt. Gox reactivated, performing one of the biggest transactions in history. Another $729M in BTC were moved on June 2, recalling the overhang of coins held in conservatorship. Mt. Gox coins are moving, warned Arkham Intelligence. The known hot and cold wallets of Mt. Gox have moved some BTC before, but the latest transaction shows unprecedented scale. A large transfer of 10,306 BTC, valued at around $729M, was moved to a new and so far untagged address . Will the Mt. Gox overhang affect the BTC market? Mt. Gox drew attention to itself at a time when BTC was showing weakness and hovering above $71,000 after losing previous support levels. The recent transfers from the Mt. Gox cold and hot wallets started after two months of inactivity. There is still no set date for distributing the Mt. Gox coins, but the presence of a significant supply overhang has worried the market before. There is still no clarity whether the conservator is finally prepared to distribute BTC to creditors or to swap BTC for liquidation. The market will react as if Mt. Gox is finally ready to sell, added to the current selling pressure from ETF and the recent Strategy decision to sell 32 BTC . The sale from Strategy, although small, caused a rapid unraveling of the BTC price and sparked fears that bigger overhangs may further crash the market. Mt. Gox has pushed the creditor repayment deadline to October 31, 2026, and still holds around $4B in BTC. Over the years, the defunct exchange has delayed distribution to creditors multiple times, holding coins through both bull and bear markets. Most probably, the latest transfers are part of an internal wallet restructuring rather than preparation for distribution. Mt. Gox has an estimated 80,000 creditors, some of whom acquired BTC at under $1,000 back in 2014. The final decision to sell or to hold would be up to each individual early investor in BTC. Mt. Gox also moves funds to its hot wallet As with previous transfers, the wallets of Mt. Gox are watched for a trend of ongoing transactions. For now, the only other move of coins was destined for the Mt. Gox hot wallet. The conservator moved around 116 BTC to the hot wallet as of June 2. Both outgoing transactions from the cold wallet happened within an hour of each other, with no further communication from the conservator. As Cryptopolitan reported, Mt. Gox has previously moved $956M to a new wallet as part of its routine operations to store BTC. As a result, the Mt. Gox hot wallet now holds 34.504K BTC , valued at around $2.4B. The wallet will remain closely monitored for follow-up moves, though Mt. Gox has so far avoided selling. The exchange, which virtually controlled the BTC market in 2011, also turned its users into unwilling long-term holders. Following the transfer, BTC continued its slide to $71,249.50, once again trading with a sentiment of extreme fear . The smartest crypto minds already read our newsletter. Want in? Join them .

2 Jun 2026, 07:20

Bitcoin crashes below $70K as Iran tensions and ETF outflows bite

Bitcoin (BTC) has dropped below the $70,000 mark on Tuesday after geopolitical tensions flared, triggering a broad risk-off move across financial markets. The leading cryptocurrency by market cap has lost 4% of its value in the last 24 hours and, touching the 69,657 level. The bearish performance was also fueled by Michael Saylor’s Strategy disclosing that 32 BTC were sold between May 26 and May 31 for approximately $2.5 million. Geopolitical tension and Strategy sell-off put Bitcoin under pressure BTC is down 4% since Monday and now risks dropping below $70,000 thanks to growing geopolitical tensions. Iranian state media reported that Tehran has suspended indirect ceasefire talks with the United States, citing Israel’s ongoing military operations in Lebanon as a key factor undermining regional diplomacy. This latest development rattled investor sentiment further after reports emerged that Iran may consider disrupting critical global shipping lanes, including the Strait of Hormuz. The sell-off coincided with sustained institutional withdrawals from digital asset products. According to CoinShares , crypto investment vehicles recorded $1.7 billion in outflows last week, marking the third consecutive week of negative flows and the second-largest weekly outflow in 2026. Total assets under management (AuM) fell from $148 billion to $141 billion, reaching their lowest level since April. Bitcoin exchange-traded products (ETPs) led the retreat with $1.4 billion in outflows—the largest weekly figure this year—while Ethereum (ETH) products saw $257 million in redemptions. Adding to bearish sentiment, Strategy disclosed its first Bitcoin sale since 2022, offloading 32 BTC worth approximately $2.5 million to fund preferred stock distributions. Although small relative to its overall holdings, the move marked a notable shift from its long-standing accumulation strategy, contributing to cautious sentiment across the market. Bitcoin price outlook: Bears target the $67,662 support level The BTC/USD 4-hour chart is extremely bearish as Bitcoin has lost 8.5%of its value over the last seven days. The technical indicators suggest that the bearish trend might persist for a while. The Relative Strength Index (RSI) of 35 shows that Bitcoin is within the oversold region. The MACD lines are also within the negative territory, adding further confluence to the bearish narrative. If the sellers remain in control, Bitcoin could lose the $69,000 support in the near term, with the closest 4-hour swing and support level at $67,662. A daily candle close below this level could see BTC drop below $65,000 for the first time since March. However, if the bulls defend the $69,000 support, Bitcoin could recover towards $72,288, making it efficient on the 4-hour chart. An extended rally would allow Bitcoin to target the 4-hour Transactional Liquidity (TLQ) at $74,253. A break above this level could signal a trend shift in the near term, paving the way for the bulls to target higher resistance zones. The post Bitcoin crashes below $70K as Iran tensions and ETF outflows bite appeared first on Invezz

2 Jun 2026, 07:13

Bitcoin Forecast: BTC/USD Slips Below $72K – More Pain to Come?

2 Jun 2026, 07:10

S&P 500 Closes at Record 7,599 as Stocks Outrun a Lagging Bitcoin

The S&P 500 climbed 0.26% to a record close of 7,599.96, opening the month with fresh all-time highs across major U.S. indexes, even as bitcoin slipped and trailed the equity rally. Tech Leads Indexes to Fresh Records U.S. equities began June on a solid note, as the S&P 500 rose 0.26% to close at an

2 Jun 2026, 07:10

Bitcoin Slips Below $70,000: Market Reaction and Key Levels to Watch

BitcoinWorld Bitcoin Slips Below $70,000: Market Reaction and Key Levels to Watch Bitcoin (BTC) briefly dipped below the psychologically significant $70,000 mark during today’s trading session, according to data from Bitcoin World market monitoring. On the Binance USDT pair, BTC was last seen trading at $69,990, a level that has drawn immediate attention from traders and analysts monitoring key support zones. Context of the Move The drop below $70,000 comes after a period of relative consolidation above that level over the past week. While the decline is modest in percentage terms—less than 1% from recent highs—the breach of a round number like $70,000 often triggers increased volatility as stop-loss orders and automated trading algorithms react. Market participants are now watching whether BTC can reclaim this level quickly or if further downside pressure will build. Implications for Traders The $70,000 level has acted as both psychological support and resistance in recent trading. A sustained move below this threshold could open the path toward the next major support zone near $68,000, a level that held during a pullback earlier this month. Conversely, a quick recovery above $70,000 would signal that buyers remain active and that the broader uptrend, which has seen Bitcoin gain over 40% year-to-date, is still intact. Volume data from major exchanges shows no unusual spike in sell orders, suggesting the move may be driven by short-term profit-taking rather than a fundamental shift in sentiment. Broader Market Context Bitcoin’s price action remains closely correlated with macroeconomic factors, including U.S. interest rate expectations and regulatory developments. The current dip occurs against a backdrop of relatively stable trading in traditional markets, with the S&P 500 and gold holding steady. Analysts caution that low-liquidity periods, such as weekends or holidays, can amplify price moves, making the $69,990 print potentially less significant than it would appear during high-volume weekday sessions. Conclusion Bitcoin’s dip below $70,000 is a notable but not yet decisive market event. The coming hours will be critical in determining whether this is a temporary shakeout or the beginning of a deeper correction. Traders should monitor volume, order book depth, and broader market sentiment for further clues. As always, volatility remains a defining characteristic of cryptocurrency markets, and price levels near round numbers often produce the most noise. FAQs Q1: Why is the $70,000 level important for Bitcoin? Round numbers like $70,000 often serve as psychological support and resistance levels. They attract attention from retail and institutional traders, and can trigger automated trading activity when breached. Q2: Should I be worried about Bitcoin falling further? Short-term price movements are normal in volatile markets. A single dip below a round number does not necessarily indicate a trend reversal. Watch for confirmation from volume and subsequent price action. Q3: What is the next support level if Bitcoin keeps falling? The next major support zone is around $68,000, which was tested earlier this month. A break below that could lead to further declines toward $65,000, though such moves would require significant selling pressure. This post Bitcoin Slips Below $70,000: Market Reaction and Key Levels to Watch first appeared on BitcoinWorld .