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Crypto June 4: BTC 4-month low, ETF outflows day 13 · NorriWire
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Crypto June 4: BTC 4-month low, ETF outflows day 13
Daily review of June 4 (Thursday) global crypto market - top 15 coins, stablecoins, NFT, ETF flows, security incidents, regulatory news. BTC fell to a four-month low below $62,000 (intraday $61,300), ETH to a 14-month low near $1,700. 24h liquidations $1.76B. ETF outflows for the 13th consecutive day, $4.4B cumulative. Strategy made its first BTC sale in four years.
Toms Ābeltiņš
10 min read
On Thursday, June 4, the crypto market turned the midweek decline into a full sell-off. BTC fell to ~$61,300 intraday - its lowest in four months - before recovering to ~$62,500. ETH hit a 14-month low near $1,700. Total market cap shrank from ~$2.53T to ~$2.25T. 24h liquidations $1.76B (~$1.35B longs, BTC longs ~$735M). ETF outflows 13th day - $4.4B cumulative since May 15. SOL -4.6% to $68.82, yet Solana spot ETFs keep attracting inflows. XRP -17% on the month to $1.17 (15-week low). HYPE retreated from its $76 ATH to ~$69. Key drivers: Strategy first BTC sale in four years, 68.8% odds of no Fed cuts in 2026, U.S.-Iran tension. CLARITY Act in the Senate red zone.
Global crypto market on June 4: Bitcoin fell to a four-month low below $62,000, Ethereum at a 14-month low near $1,700, 24h liquidations $1.76B, ETF outflows for the 13th consecutive day
On Thursday, June 4, the crypto market turned Wednesday's decline into a full-blown sell-off. Bitcoin fell to roughly $61,300 intraday - its lowest level in four months - before recovering to about $62,500. Ethereum hit a 14-month low near $1,700. Total crypto market capitalization shrank from about $2.53 trillion to about $2.25 trillion over the week. 24-hour liquidations exceeded $1.76 billion, and U.S. spot Bitcoin ETF outflows continued for the 13th consecutive trading day.
Market overview
The day was marked by unambiguous bearish sentiment. After Bitcoin closed below $67,000 on Wednesday, selling pressure intensified during Thursday's session, with BTC falling more than 13% on the week and about 51% below last October's record high near $126,200.
The decline was driven by a confluence of factors. Strategy (formerly MicroStrategy) - the world's largest corporate Bitcoin holder - sold a small portion of its holdings for the first time in nearly four years (32 BTC for roughly $2.5 million, to fund preferred-stock dividends), which, despite its symbolic size, shook market sentiment. At the same time, money markets began pricing a 68.8% probability that the Federal Reserve will make no interest-rate cuts at all in 2026, while a June 2 U.S.-Iran missile strike weakened the fragile ceasefire that had held since April and increased risk aversion across broader markets.
High-beta altcoins - Solana and XRP - amplified Bitcoin's move, falling more sharply than the market as a whole. Every major coin now shows double-digit monthly declines.
Bitcoin fell on Thursday to about $61,300 - its lowest level in four months - before partially recovering to around $62,500. Over 24 hours, BTC lost nearly 4%, and about 13-14% on the week. On Deribit, the $60,000 strike put options accumulated more than $1 billion in notional open interest, signaling institutional traders hedging against further declines. BTC long positions suffered the largest losses in liquidations.
2. Ethereum (ETH) ▼ ~$1,700 (14-month low)
Ethereum fell to about $1,700 - its lowest level in 14 months - continuing the decline from Wednesday's level below $2,000. Spot Ethereum ETFs continued to experience outflows, with ETHA and Grayscale ETH products recording further net withdrawals. The ETH/BTC ratio remained in a weak zone, reflecting capital continuing to flow out of altcoins into cash and stablecoins.
3. Tether (USDT) ◆ $1.00 (stable)
USDT maintained its peg to the U.S. dollar. Tether's capitalization grew as traders moved funds from volatile coins into stablecoins - classic risk-off behavior. USDT trading volumes reached multi-week highs, reflecting heightened demand for liquidity.
4. XRP ▼ ~$1.17 (15-week low, -17% on the month)
XRP fell to about $1.17 - a 15-week low - and lost roughly 17% on the month. Although the daily decline was smaller than that of some other altcoins, XRP still suffered from the broader risk-off mood. Progress on the CLARITY Act in the Senate remained a potential medium-term catalyst for the XRP ecosystem.
5. USDC ◆ $1.00 (stable)
Circle's USDC maintained a stable peg. The stablecoin sector overall served as a haven during the sell-off - capital flowed into USDC as a liquidity reserve while awaiting market stabilization.
6. BNB ▼ ~$640 (-3% 24h)
BNB continued to decline, falling to around $640. The Binance ecosystem token suffered from broader market pressure, though its drop was milder than that of high-beta altcoins.
7. Solana (SOL) ▼ ~$68.82 (-4.6% 24h, -14.9% on the week)
Solana fell below $70 to about $68.82, losing 4.6% over 24 hours and nearly 15% on the week. Counterintuitively, despite the sharp price decline, Solana spot ETFs continued to attract net inflows - described as the only crypto ETFs Wall Street was actively buying this week. This points to selective institutional conviction in SOL's long-term outlook even under market stress.
8. Hyperliquid (HYPE) ▼ ~$69 (pullback from $76 ATH)
After Wednesday's new record high above $76, supported by the launch of the Grayscale HYPG ETF, HYPE retreated on Thursday to about $69 - the result of profit-taking and broader market pressure. Despite the pullback, HYPE retained relative strength compared with most altcoins, and HYPG ETF inflows on their first full trading day were closely watched.
9. Dogecoin (DOGE) ▼ ~$0.085 (-3% 24h)
DOGE fell to around $0.085. The meme-coin sector suffered pronounced losses during the sell-off, as risk aversion hit the most speculative assets hardest.
10. TRON (TRX) ◆ ~$0.32 (-1% 24h - relatively stable)
TRX showed relative resilience, falling only about 1% to around $0.32. TRON's stablecoin flows and high USDT circulation on the network provided some baseline demand even under market stress.
11. Cardano (ADA) ▼ ~$0.20 (-4% 24h)
Cardano fell to about $0.20, continuing the decline in the broader altcoin sell-off. ADA showed a pronounced double-digit drop on the month.
12. Stellar (XLM) ▼ -4% 24h
XLM continued unwinding its May rally, falling about 4% on the day. Payment-focused tokens broadly suffered from wider market weakness.
13. Sui (SUI) ▼ ~$0.92 (-3% 24h)
SUI fell to about $0.92. Newer-generation Layer 1 networks saw intensified selling pressure as investors reduced risk in high-beta positions.
14. Chainlink (LINK) ▼ ~$7.80 (-2.5% 24h)
LINK fell to about $7.80. The oracle network token suffered alongside the rest of the market, though its fundamental role in DeFi infrastructure preserved some baseline demand.
15. Avalanche (AVAX) ▼ ~$7.65 (-2.8% 24h)
AVAX closed out the top 15, falling to around $7.65. Avalanche continued its decline amid broader Layer 1 sector weakness.
Liquidations - $1.76B in 24 hours, open interest down 8.5%
Thursday was marked by one of the largest liquidation events of 2026. Within 24 hours, more than $1.76 billion in positions were liquidated, of which about $1.35 billion were long (bullish) positions. Bitcoin traders suffered the largest losses - roughly $735 million in BTC longs were wiped out.
Over two days, cumulative liquidations reached about $3 billion, while open interest fell 8.5% to $111.4 billion - indicating a significant deleveraging across the derivatives market. Such a contraction in open interest often signals an overheating correction that can create a healthier basis for subsequent stabilization, although it amplifies volatility in the short term.
Stablecoins - a haven during the sell-off, GENIUS Act implementation continues
During the sell-off, stablecoins played their classic haven role. USDT and USDC maintained stable pegs, while their combined trading volumes rose as capital flowed from volatile coins into cash-like assets. The total stablecoin market held steady at about $320 billion.
On the regulatory front, GENIUS Act implementation continued - federal and state regulators must issue additional rules on issuer licensing, capital requirements, custody standards, and anti-money-laundering provisions, with a deadline of July 18, 2026. Market participants are closely watching this process, as a clearer regulatory framework can accelerate stablecoin integration into the traditional financial system.
NFT market - concentration around blue-chip collections, overall activity shrinking
The NFT market continued to contract. Global NFT sales fell to about $175 million in April from $304 million in February, while total transactions and active users both dropped nearly by half since February. At the same time, average sale prices more than doubled - indicating that trading is concentrating around a small number of high-value transactions.
Blue-chip collections retained their dominance. Pudgy Penguins' floor price exceeded 5 ETH alongside a relatively high transaction count, signaling sustained activity. CryptoPunks recorded similar weekly volume with far fewer trades, meaning a few large transactions had an outsized impact on price. Part of the apparent NFT rally reflects broader crypto price moves, and a substantial share of volume is still driven by wash trading. The market is consolidating around established collections, while overall market health remains weak.
Spot crypto ETF flows - 13th day of outflows, but Solana ETFs counterintuitively attract capital
U.S. spot Bitcoin ETFs recorded capital outflows for the 13th consecutive trading day - about $4.4 billion has been withdrawn since the outflow streak began on May 15. The main blow hit the BlackRock iShares Bitcoin Trust (IBIT), which accounted for a significant portion of the total outflow. The previous week, U.S. spot Bitcoin ETFs recorded their largest-ever weekly outflow of about $3.4 billion.
A contrarian bright spot was Solana spot ETFs, which continued to attract net inflows even amid the broader sell-off - described as the only crypto ETFs Wall Street was actively buying this week. This points to selective institutional conviction: while capital flows out of Bitcoin products, some investors are using the price decline to build positions in the Solana ecosystem.
Security incidents - a relatively calm day
Compared with the wave of bridge exploits seen in the first half of 2026, June 4 was a relatively calm day on the security front, with no reports of large-scale protocol exploits. Amid market stress, attention focused on market dynamics rather than security incidents, though analysts note that high-volatility periods historically increase the risk of phishing and social-engineering attacks, as traders act in haste.
Regulatory news - CLARITY Act in the Senate "red zone," stablecoin yield compromise
On the regulatory front, the main focus was the CLARITY (Digital Asset Market Clarity) Act. Senate Banking Committee chairman Tim Scott described the bill as being in the "red zone," expressing hope to secure a vote on the Senate floor in June or July. This keeps the legislative process as a potential medium-term catalyst for the market.
On stablecoins, lawmakers reached a compromise on a major sticking point - a deal would allow crypto firms to offer stablecoin yield, provided that the rewards are not "economically or functionally equivalent to the payment of interest or yield on an interest-bearing bank deposit." Crypto equities reacted positively - Coinbase and Circle shares rose 7% and 15% respectively. Separately, the CFTC cleared Coinbase to offer global crypto perpetual futures contracts, expanding the availability of regulated derivatives to U.S. traders.
The macroeconomic backdrop remained unfavorable for risk assets. Money markets began pricing a 68.8% probability that the Federal Reserve will make no interest-rate cuts at all in 2026 - a sharp reversal from earlier hopes for monetary easing. Higher-for-longer interest rates reduce the appeal of yield-free risk assets, including cryptocurrencies.
Geopolitical tension reinforced risk aversion. The June 2 U.S.-Iran missile strike weakened the ceasefire that had held since April, increasing uncertainty in global financial markets. A strengthening U.S. dollar and rising safe-haven demand added further pressure on cryptocurrency and other risk-asset prices.
Key figures - June 4
Bitcoin (BTC): ~$62,500 (intraday low $61,300), four-month low, ~-4% 24h, ~-13-14% on the week, ~51% below October ATH of $126,200
Ethereum (ETH): ~$1,700, 14-month low
Solana (SOL): ~$68.82, -4.6% 24h, -14.9% on the week; Solana spot ETFs continue inflows
Total market cap: ~$2.25 trillion (from ~$2.53 trillion a week earlier)
Spot Bitcoin ETFs: outflows for the 13th consecutive day, ~$4.4B cumulative since May 15
Stablecoins: ~$320B market, USDT and USDC hold their pegs
NFTs: global sales ~$175M (April), blue-chip concentration
Key drivers: Strategy's first BTC sale in four years, 68.8% probability of no Fed rate cuts in 2026, U.S.-Iran tension
AI disclaimer
This article was prepared with the help of artificial intelligence and human editorial oversight. All figures and facts were verified against publicly available sources at the time of writing. The cryptocurrency market is extremely volatile - prices can change significantly within hours. This material is informational and should not be considered financial advice, an investment recommendation, or a solicitation to buy or sell any assets. Always do your own research and consult a licensed financial advisor before making investment decisions.
