From 19:15 to 19:30 (UTC) on June 3, 2026, Bitcoin fell 0.47% within 15 minutes, trading in the range of 65,586.7-66,044.3 USDT, with an amplitude of 0.69%. Bitcoin continued its weak intraday pattern, with clear selling pressure emerging in the short term as market sentiment cooled further.
The main driver behind this move is tighter macro liquidity conditions. The 10-year U.S. Treasury yield stayed at a high 4.69%, while the 30-year Treasury yield reached 5.201%. The opportunity cost of holding Bitcoin—an asset with no yield—rose significantly. The strengthening U.S. dollar reinforced its negative correlation with risk assets, and the market’s expectations for Fed policy shifted more hawkish.
At the same time, institutional capital continued to flow out, creating a synchronized effect. Spot Bitcoin ETFs have recorded net outflows for 10 consecutive days, with weekly outflows totaling $1 billion, removing key buy-side support. In addition, Strategy recently sold 32 BTC (worth $2.5 million), the first sale since December 2022, signaling a shift in institutional posture.
On-chain data further confirms the selling pressure. The number of whale addresses (holding more than 1,000 BTC) fell from the May 22 peak of 1,285 to 1,279 on May 28; the reduction of 6 addresses implies at least 6,000 BTC being dumped into the market (about $440 million). Net holdings for long-term holders declined 7.69% from the May 24 peak, as the so-called “strongest hands” continue to pare positions.
Technically, a breakdown is in play. Bitcoin fell below the $71,000 key support zone and the $70,466 short-term bottom. OBV and TBO momentum indicators show strong selling pressure, while trading volume has broken above the 20-day moving average, confirming that a technical selloff has already begun.
Risk warning: If Treasury yields rise further, Bitcoin may test the $68,348 support level (about 7% downside room). If ETF outflows persist, spot selling pressure is likely to intensify. With the on-chain “strongest hands” still reducing positions, investors should monitor subsequent changes in holdings. Investors should stay alert to short-term volatility risks, watch the performance of the $70,342 to $68,348 support zone, and monitor this week’s Fed policy signals as well as ETF fund flows.
