In crypto news today (June 2), the market has gone into a mini-meltdown as Bitcoin crashed below $70,000 in this European morning trading session, falling by -3.8% overnight. The crash caused more than $766M in daily liquidations, with over $600M of that figure being long trades.
This price action hasn’t been helped by ETF flows, with over $480M exiting the various Bitcoin ETF products yesterday and $44M leaving the Ethereum ETFs, which only added to the sell pressure across crypto.
This crash started yesterday after news emerged that Michael Saylor and Strategy sold 32 Bitcoin, valued at over $2.2M, the first BTC sale by the firm after years of claiming they would never sell.
Daily trading volume has surged on this crash, exceeding $120Bn in the past 24 hours, up from just $88Bn yesterday. This surge in volume is mostly traders offloading bags in anticipation of a deeper drop.
Crypto News Today: Fear & Greed Index Back Into ‘Extreme Fear’ as BTC Loses $70,000
The Crypto Fear & Greed Index is at 23/100, firmly back into Extreme Fear territory, as Bitcoin crashed below $70,000 in this early European trading session.
A combination of the ongoing US-Iran conflict, Saylor selling Bitcoin, and bleeding in Bitcoin and Ethereum ETFs is causing renewed fear throughout crypto, with over $760M in liquidations across the market since yesterday.
While historically the best buying opportunities have come when the index is at these levels, with so many global macroeconomic catalysts building at around the same time, this could be seen as unprecedented for crypto, and the downtrend could continue for much longer still.
BlackRock Sells Over $400M in Bitcoin – Is Larry Fink Behind Today’s BTC Crash?
In other crypto news, ETF flows continue to be the bane of the markets, with over $480M in Bitcoin exiting various funds yesterday, BlackRock’s IBIT product accounting for $440M of that total.
Many market participants are beginning to feel that BlackRock is suppressing crypto with these consistent outflows, as the world’s leading asset manager has sold over $2.4Bn worth of BTC via its IBIT product since May 18, 2026.
Bitcoin ETFs are now riding a 10-day red streak, with more than $3Bn exiting the dozen or so funds during that time. Until this trend reverses, the broader market will likely continue to struggle under the weight of this monumental sell pressure.
Pavel Durov Wants to Rename TON back to Gram
The Open Network is planning to rename the Toncoin (TON) token, returning to its original name, Gram (GRAM). Project founder Pavel Durov announced the move on Telegram.
According to Durov, the rebrand will “pave the way for the next stage,” while the transition itself will take around three weeks, with traders anticipating some volatile price action for the TON token in the meantime.
The move brings the project back to the token name used in TON’s 2018 white paper. Telegram abandoned it after the U.S. Securities and Exchange Commission (SEC) blocked its $1.7Bn ICO in 2020.
The decision comes after Telegram effectively took over from the TON Foundation in May as the network’s main driver and became its largest validator.
TON Coin is Rebranding to GRAM
Telegram CEO @durov has announced the rebranding of $TON coin to $GRAM.
According to his statement, GRAM was the original name of TON's currency in the first whitepaper, and the rebranding will "pave the way for what comes next."
The transition… pic.twitter.com/URiBtbm1Du
— BSCN (@BSCNews) June 1, 2026
Bitcoin ETFs Hit 11-Day Slump: Is Macro Uncertainty Making Investors Blink?
U.S. spot Bitcoin ETFs have now recorded 11 consecutive days of net outflows, the longest sustained negative streak since the products launched in January 2024, according to CoinGlass data.
The selling has arrived in waves; Bloomberg reported a roughly $2.8 billion redemption run over a nine-session stretch in late May 2026, with a $1.26 billion weekly outflow period earlier that same month compounding the pressure.
Read the full story here.
Cardano CEO Charles Hoskinson Alleges Henry Nowak Cover Up By UK Police
Cardano founder Charles Hoskinson has taken to X to allege that UK police covered up the Henry Nowak case, claiming that despite available evidence and victim testimony, UK law enforcement failed to act or actively suppressed information regarding a violent assault involving Nowak. The post generated significant engagement almost immediately.
Here is the central tension this article unpacks: when the most public face of a top-tier blockchain protocol uses his global platform to make explosive allegations of law-enforcement corruption, the controversy is no longer just about Hoskinson; it becomes a live stress test for every ADA holder’s portfolio.
Read the full story here.
Why Is Crypto Down Today? $766M in Liquidations as BTC Loses $70K
The crypto market is flashing red again, in a major way. Bitcoin is trading around $70,000 after mass liquidations sent it down 3.7% overnight, briefly falling to $69,750 and prompting terrified traders to ask, ‘Why is crypto down today?’
In the past 24 hours, over $766M in liquidations hit crypto, with $646M of that figure being long trades, highlighting that traders are still overly optimistic and continue to be punished for it.
Read the full story here.
The post Crypto News Today (June 2): $766M in Liquidations as BTC Crashes Below $70K appeared first on 99Bitcoins.
