Overview
- Bitcoin briefly fell under $62,000 during Asian trading on Thursday, June 4, hitting intraday lows near $61,000 and marking its weakest level in about four months.
- A cascade of forced liquidations wiped out roughly $1.5 to $1.8 billion of leveraged crypto positions in 24 hours, with long bets making up the vast majority of the losses.
- U.S. spot Bitcoin ETFs recorded an unprecedented multi‑day streak of net outflows that totaled about $1 billion this week, and ETF redemption mechanics require selling underlying BTC to meet those withdrawals.
- Large on‑chain movements intensified selling pressure, with analysts flagging roughly 54,000 BTC moved to exchanges over the prior week plus Mt. Gox‑related transfers that raised concern about future sell supply.
- Broader market forces — renewed U.S.–Iran tensions, rising oil and inflation worries, and a rotation of institutional capital into gold and AI equities — reduced appetite for crypto and leave ETF flows, exchange inflows, and macro news as the key indicators to watch next.