Bitcoin extended its sell-off in early trading on June 4, 2026, falling to $63,454 at 09:07 (UTC+8) and touching an intraday low of $63,314, its weakest level in nearly 14 days. The move marked a 5.11% decline over 24 hours after the asset slipped from levels above $66,000 a day earlier. Ether also moved lower, trading at $1,798.34, down 3.51% on the day.
Long positions took the brunt of forced liquidations
According to CoinGlass, total liquidations across the crypto market reached $1.12 billion over the past 24 hours, affecting 166,334 traders. Long liquidations accounted for $949 million, or about 85% of the total, while short liquidations came in at $168.76 million. The largest single liquidation was an HTX BTC-USDT contract worth $59.67 million. In shorter time frames, liquidations totaled $770.55 million over 12 hours, with another $145.12 million cleared in the most recent hour.
ETF outflows and Strategy's BTC sale added pressure
Several bearish catalysts appeared within a short window. US spot Bitcoin ETFs posted a one-day net outflow of $519.19 million on June 2, with the source material naming BlackRock and Fidelity as the main sellers. At the same time, Michael Saylor's Strategy disclosed the sale of 32 BTC, worth about $2.47 million. The amount was limited, but it was described as Strategy's first Bitcoin sale in nearly four years, which drew a strong market reaction.
Macro tightening and geopolitical tension weighed on risk assets
The macro backdrop also turned heavier. The source said CME FedWatch showed the probability of a 25 basis point rate hike before year-end rising to 58%, while the 10-year US Treasury yield climbed to 4.69%. Nomura was also reported to have withdrawn its 2026 rate-cut forecast. On top of that, renewed US-Iran tension lifted oil prices and safe-haven demand, adding pressure to crypto and other risk assets. The Crypto Fear and Greed Index stood at 12, marking a second straight day in extreme fear territory.
Altcoins and US equities moved lower as sentiment deteriorated
Major altcoins also weakened. SOL traded at $70.91, down 5.37% over 24 hours, while XRP changed hands at $1.1957, down 2.52%. Total global crypto market capitalization was about $2.41 trillion. The source also cited a 84% 24-hour correlation with the Dow Jones Industrial Average. US equities closed lower on June 3 as well, with the Nasdaq down 0.89%, the S&P 500 off 0.74%, and the Dow down 1.21%, extending pressure on broader risk sentiment.