In crypto news today (June 2), the market experienced a mini-collapse as Bitcoin crashed below $70,000 during this European morning trading session, falling -3.8% overnight. The crash caused more than $766 million in daily liquidations, of which more than $600 million were long trades.
This price action was not helped by ETF flows, with over $480 million flowing out of the various Bitcoin ETF products yesterday and $44 million flowing out of Ethereum ETFs, which only added to the selling pressure on the crypto.
This crash began yesterday after news broke that Michael Saylor and Strategy had sold 32 Bitcoins, worth over $2.2 million, the first sale of BTC by the company after years of pretending they would never sell.
Daily trading volume surged following the crash, surpassing $120 billion in the past 24 hours, up from just $88 billion yesterday. This increase in volume is mainly due to traders unloading their bags in anticipation of a bigger drop.
Crypto News Today: Fear and Greed Index Returns to “Extreme Fear” as BTC Loses $70,000
The Crypto Fear & Greed Index is at 23/100, firmly back in extreme fear territory, as Bitcoin crashed below $70,000 during this first European trading session.
A combination of the ongoing US-Iran conflict, Saylor’s Bitcoin sell-off, and the hemorrhaging of Bitcoin and Ethereum ETFs is causing renewed fear across crypto as a whole, with over $760 million in market liquidations since yesterday.
Although historically the best buying opportunities present themselves when the index is at these levels, with so many global macroeconomic catalysts developing around the same time, this could be considered unprecedented for crypto, and the downtrend could continue for much longer.
(SOURCE: Fear and Greed Index)
BlackRock Sells Over $400 Million in Bitcoin – Is Larry Fink Behind Today’s BTC Crash?
Elsewhere, ETF flows continue to be the bane of the markets, with over $480 million worth of Bitcoin flowing out of various funds yesterday, with BlackRock’s IBIT product accounting for $440 million of that total.
Many market participants are starting to believe that BlackRock is suppressing crypto with these constant outflows, as the world’s top asset manager has sold over $2.4 billion worth of BTC through its IBIT product since May 18, 2026.
Bitcoin ETFs are now experiencing a 10-day red streak, with more than $3 billion flowing out of a dozen funds during this period. Until this trend reverses, the market as a whole will likely continue to struggle under the weight of this monumental selling pressure.
(SOURCE: CoinGlass)
Pavel Durov wants to rename TON to Gram
The Open Network plans to rename the token Toncoin (TON), returning to its original name, Gram (GRAM). The founder of the project, Pavel Durov, announced this decision on Telegram.
According to Durov, the rebranding will “pave the way for the next stage,” while the transition itself will take around three weeks, with traders expecting some volatility in the prices of the TON token in the meantime.
The move returns the project 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 $1.7 billion ICO in 2020.
The move comes after Telegram effectively took over from the TON Foundation in May as the network’s main engine and became its largest validator.
YOUR Coin becomes GRAM
Telegram CEO @durov announced the renaming of the coin from $TON to $GRAM.
According to his statement, GRAM was the original name of TON’s currency in the first white paper, and the rebranding will be "pave the way for what comes next."
The passage… pic.twitter.com/URiBtbm1Du
– BSCN (@BSCNews) June 1, 2026
Bitcoin ETFs See 11-Day Drop: Is Macroeconomic 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 sale came in waves; Bloomberg reported a buyback of around $2.8 billion over a nine-session period in late May 2026, with a weekly outflow period of $1.26 billion earlier the same month adding to the pressure.
Read the full story here.
Cardano CEO Charles Hoskinson Alleges Henry Nowak Was Covered Up by UK Police
Cardano founder Charles Hoskinson took to The post generated significant engagement almost immediately.
Here’s the central tension this article uncovers: When the most public face of a leading blockchain protocol uses its 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 wallet.
Read the full story here.
Why is crypto down today? $766 million in liquidations as BTC loses $70,000
The crypto market is flashing red again, in a big way. Bitcoin is trading around $70,000 after massive selloffs sent it down 3.7% overnight, briefly falling to $69,750 and prompting terrified traders to ask, “Why is crypto down today?”
Over the past 24 hours, over $766 million in liquidations hit crypto, of which $646 million were long trades, highlighting that traders are still overly optimistic and continue to be punished for it.
Read the full story here.
The article Crypto News Today (June 2): $766 Million in Liquidations as BTC Falls Below $70,000 appeared first on 99Bitcoins.
