Bitcoin Halved From Record Peak After Four Straight Drops

VG Markets · 2026-06-04T07:23:52Z
Bitcoin Halved From Record Peak After Four Straight Drops



Bitcoin posted its fourth consecutive daily decline on Wednesday. In late U.S. Eastern time on June 3, the cryptocurrency slipped below $64,000 and hit an intraday floor around $63,000, marking its lowest price since April 5.


source：tradingview


Bitcoin has tumbled more than 28% year-to-date, losing nearly half its value from the all-time high of $126,000 set last October. CoinGlass data shows total crypto liquidations reached $1.6 billion in the past 24 hours, with long liquidations accounting for over 85% of the total amount.

source：CoinGlass


Former die-hard “never sell” investors have started dumping holdings, pushing exchange-triggered forced deleveraging to the highest level since early February. A core drag comes from capital diversion: rampant AI stock gains and blockbuster IPOs siphon funds away from digital assets, breaking Bitcoin’s usual correlation with risk markets. The Nasdaq 100 has climbed over 40% across the past 12 months, while Bitcoin dropped roughly 37% over the same period.


source：CoinGlass


Bloomberg statistics confirm spot Bitcoin ETFs have booked 11 straight days of net outflows, accumulating around $3.5 billion in withdrawals and setting an all-time record for consecutive redemptions. The ETF’s full-year 2026 inflows flipped into negative territory back in May.


“We’ve been trimming Bitcoin positions and shifting capital into AI stocks,” said Carney Mak, Partner at FXHB Asset Management.


Two catalysts triggered the sharp selloff starting June 1: Iran suspended negotiations with the U.S. and threatened to block the Strait of Hormuz; meanwhile, Strategy executed its first-ever Bitcoin reduction. Near-record futures open interest amplified losses, as cascading forced liquidations on leveraged longs created a self-feeding downtrend.


“Crypto can only regain investor enthusiasm if the AI rally cools off somewhat,” said Jake Ostrovskis from Wintermute.


All eyes now lock on Friday’s U.S. nonfarm payroll report. Strong job figures risk accelerating further declines, while softer readings may deliver temporary price support.