Bitcoin's slide may have more to do with AI than Strategy

Your day-ahead look for June 2, 2026

What to know:

This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.

Bitcoin BTC$69,458.42 slipped below $70,000 for the first time in two months, leaving cryptocurrency markets vulnerable ahead of a week of important U.S. economic data that could determine the direction of the next move for risk assets.

The largest cryptocurrency has lost more than 4.45% in the past 24 hours, and was recently trading near $69,400. Ether dropped 0.6% to $1,970. The broader CoinDesk 20 (CD20) index retreated 3.2% in the same period.

Crypto’s near-term setup doesn’t appear supportive. Spot bitcoin ETF suffered an 11th straight day of net outflows and Strategy (MSTR), the largest corporate holder of bitcoin, said it sold 32 BTC for $2.5 million.

While the sale is small relative to Strategy’s holdings, it's seen as symbolically important and bitcoin fell after the filing became public. Still, not everyone sees the sale as the real driver.

“Saylor / Strategy selling a few raspberries isn’t causing bitcoin to crash,” Pierre Rochard, a bitcoin researcher and board member at bitcoin holder Strive (ASST), wrote on X. “The reality is that there is a massive parabolic spike in AI-related equities that is vacuuming up all excess liquidity, multiples of bitcoin’s market cap.”

Rochard added that a healthy labor market and higher energy prices mean “sentiment for dovish rate cuts is nowhere to be found,” even as bitcoin’s fundamentals “have never been better.”

That leaves economic data as the next major catalyst. A strong U.S. jobs print on Friday could keep rate-cut hopes subdued and further pressure crypto, while softer data may help bitcoin reclaim levels above $70,000. Stay alert!

Read more: For analysis of today's activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk's "Crypto Week Ahead."

What’s trending

• Mt. Gox moves 10,422 bitcoin worth $739 million to a new wallet as deadline nears (CoinDesk): Defunct bitcoin exchange Mt. Gox moved bitcoin worth roughly $739 million to a new wallet. The transfer is the largest single move in months and comes ahead of the Oct. 31 deadline to complete creditor repayments.
• Bitcoin's biggest ETF selloff yet hits $3.4 billion as AI stocks keep climbing (CoinDesk): U.S. spot bitcoin ETFs suffered their largest and longest withdrawal streak on record, with investors pulling roughly $3.45 billion across 11 consecutive trading sessions.
• MoneyGram launches stablecoin on Stellar, joining rush toward digital dollar payments (CoinDesk): MoneyGram introduced a U.S. dollar-backed stablecoin that will be embedded into the MoneyGram app. It enables customers to hold a dollar-denominated balance in a self-custodial wallet and transfer funds through the company's global payments network.
• Russian drones, missiles strike Ukraine in major attack; 11 dead, scores wounded (Reuters): Thousands took shelter as Russia launched 676 drones and 74 missiles in one its most dangerous attacks on Ukraine, killing 11 and injuring scores of people overnight.

Today’s signal

On the weekly chart, the bitcoin price is approaching a key confluence support — the 0.618 Fibonnaci level near $69,000 and the long-term ascending trendline from the 2022 lows.

RSI remains near 39 with no bullish divergence yet apparent, so there's confirmation of a bottom from the momentum indicator. For the time being, it's purely a structural level test.

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BTCBTC$69,458.42◢4.02%