CoinEx News: Bitcoin fell below $70,000 on June 2 as U.S.-Iran tensions escalated and oil-price pressure rose, while Strategy’s disclosed 32 BTC sale weakened the market’s “never sell” Bitcoin treasury narrative. Iran-linked reports said Tehran had threatened to block the Strait of Hormuz, while Trump said U.S.-Iran talks were still moving quickly after urging Israel and Hezbollah to avoid further escalation. SoSoValue data showed U.S. spot Bitcoin ETFs recorded $483.8 million in net outflows on June 1, while Ether ETFs saw $44.4 million in outflows.

The move reflects a broader risk-off reset: higher oil prices keep inflation concerns alive, Strategy’s small sale challenges a key BTC treasury narrative, and ETF outflows show weaker spot demand. The combined pressure puts market focus on whether Bitcoin can quickly reclaim the $70,000 level or face deeper downside volatility.