BiyaPay Analyst: Strategy Sells BTC for First Time in Four Years, Bitcoin Falls Below $66,000, Over 250,000 People Liquidated

June 3rd. The crypto market saw a "chain reaction flash crash" this morning. Bitcoin (BTC) dropped almost 50% from its record high of $126,000 last year, tumbling overnight to roughly $60,000. Major altcoins like Ethereum (ETH) and Solana (SOL) fell between 6% and 10%. BiyaPay’s market data shows BTC hit a 24-hour low of $65,000, marking a 7% decline. CoinGlass reports more than 250,000 traders were liquidated, with total liquidations topping $1.6 billion. Highly leveraged long positions faced "hard liquidations" — described as being like having their internet cut mid-trade. The market views this sell-off as more than just a technical correction; it’s driven by four key bearish factors: A strategy team abandoned the "HODL only" mindset, selling 32 BTC for the first time in its history; spot Bitcoin ETFs have seen net outflows for 11 straight days, totaling roughly $3.5 billion; Cleveland Federal Reserve leaders hinted at possible interest rate hikes to curb persistent inflation; and stalled U.S.-Iran talks lifted oil prices, amplifying risk aversion. The $65,000 level is BTC’s last support line, and a break could push prices below $60,000. BiyaPay analysts say ETF outflows combined with macroeconomic shifts point to continued short-term weakness for Bitcoin, urging investors to exercise caution. Users can easily use USDT on the BiyaPay platform to trade U.S. stocks, Hong Kong stocks, futures, and other assets, helping diversify their portfolios and reduce volatility risk.