Bitcoin traded near $63,500 on Thursday, June 4, 2026, while Ethereum hovered around $1,780, as both leading cryptocurrencies neared critical price levels following a period of sustained market pressure. This downturn marks a challenging phase for digital assets, characterized by significant outflows and investor caution.
Bitcoin Falls to Four-Month Lows as $4.4 Billion Exits ETFs
Bitcoin, the world's largest cryptocurrency by market capitalization, has registered its longest losing streak since August of last year, tumbling to levels not seen in four months. The digital asset briefly touched $61,322 before stabilizing near $63,500, indicating a fierce battle between buyers and sellers around this range. This depreciation coincides with a record streak of outflows from US-listed spot Bitcoin Exchange-Traded Funds (ETFs), which have collectively seen nearly $4.4 billion withdrawn over the past 13 consecutive trading sessions. The sustained selling pressure from these institutional investment vehicles highlights a broader shift in investor sentiment, moving away from accumulation towards divestment. Adding to the bearish sentiment, Strategy Inc., a prominent corporate holder of Bitcoin, executed its first sale of 32 Bitcoin since 2022 this week, further impacting market confidence at these critical price levels.
Ethereum Near $1,780 as Bullish Bets Suffer $4 Billion in Liquidations
Ethereum, the second-largest cryptocurrency, has not been immune to the market's contraction, falling to its lowest point since April 2025. On Thursday, June 4, 2026, ETH opened at $1,810.96 but quickly declined to $1,740.70 before recovering slightly to trade around $1,780. The broader market experienced substantial liquidations, with almost $4 billion worth of bullish bets wiped out across the cryptocurrency sector since the beginning of the week. This widespread unwinding of leveraged long positions underscores the volatility and heightened risk perception currently dominating the digital asset space. The proximity of Ethereum to its recent lows places it at critical price levels where significant support or further capitulation could occur, influencing the trajectory of numerous decentralised finance (DeFi) protocols built on its network.
Analysts Observe Bitcoin's $60,000 Support Threshold
Market observers are closely monitoring Bitcoin’s performance as it approaches the psychological and technical support level of $60,000, a figure last tested in early February. Geoffrey Kendrick, Standard Chartered Plc’s head of digital asset research, candidly described the current period, stating, “This week has been painful in crypto. There is really no other way of putting it.” His assessment reflects the widespread discomfort among investors as major cryptocurrencies test their resilience. The market's ability to hold above these critical price levels, particularly Bitcoin's $60,000 mark, will be a key indicator for potential stabilization or further downside. Should these thresholds fail to hold, analysts suggest a deeper re-evaluation of market fundamentals could ensue, while a rebound could signal renewed buying interest from long-term holders seeking entry points.