Bitcoin traded around $63,500 on Thursday, June 4, 2026, marking its longest losing streak since August 2024 as investors withdrew nearly $4.4 billion from US-listed Bitcoin exchange-traded funds over 13 consecutive sessions. This substantial outflow, a record for the nascent ETF sector, signals a deepening bearish sentiment across the digital asset market.
Ether, the second-largest cryptocurrency, also faced considerable pressure, falling to approximately $1,780; it further declined to $1,740.70 by 7:40 a.m. ET, reaching its lowest valuation since April 2025. The collective market downturn has erased approximately $4 billion in bullish bets since the beginning of the week, highlighting the widespread impact of current market conditions.
Bitcoin's Four-Month Low and Record ETF Outflows
Bitcoin's price trajectory saw it tumble as low as $61,322 on Thursday, placing it at a four-month low and perilously close to the $60,000 market bottom observed in early February. This sustained depreciation follows a six-day stretch of daily losses last seen in August 2024, though the magnitude of this week's declines has been considerably steeper.
The significant outflows from Bitcoin exchange-traded funds represent a critical shift, as these products were a primary source of buying pressure following their launch in early 2024. Geoffrey Kendrick, Standard Chartered Plc’s head of digital asset research, characterised the week as "painful in crypto," reflecting the sentiment among market participants.
Adding to the market's unease, Strategy Inc. executed its first Bitcoin sale since 2022, offloading 32 BTC. While this quantity is negligible compared to its $53 billion reserve, the timing coincided with a bearish environment, further eroding investor confidence and pushing prices closer to critical price levels.
Ether's Retreat to $1,780 Amidst Broader Market Weakness
Ether's performance mirrored Bitcoin's struggle, with the asset opening at $1,810.96 on Thursday and subsequently dropping to $1,740.70. This decline represents a 2.5% fall from Wednesday's opening price, underscoring the broad market weakness affecting major cryptocurrencies.
The runner-up token's valuation has not been this low since April 2025, indicating a retreat from previously held support levels. Traders who had placed bullish bets on Ether have also faced substantial losses, contributing to the overall market correction.
The current volatility underscores how susceptible even established digital assets are to shifts in market sentiment and macroeconomic factors. Both Bitcoin and Ether are now testing key psychological and technical thresholds, with the market closely monitoring whether these critical price levels will hold.
Market Confidence Tested as Assets Approach Critical Price Levels
The broader cryptocurrency market has witnessed a substantial erosion of its total market capitalisation, with reports indicating over $2 trillion wiped out since its peak, according to analysis from The Kobeissi Letter. This dramatic reduction in value reflects a prolonged period of consolidation and investor re-evaluation.
The current market environment has led to a re-evaluation of Bitcoin's role, shifting from an alternative safe-haven asset to one more clearly perceived as risk-based. This recalibration of investor perception is a crucial factor influencing current trading patterns and future outlooks.
Analysts are now keenly observing how major institutional players, such as Michael Saylor's Strategy, will respond to these challenging conditions, particularly regarding their typical Monday Bitcoin purchase announcements. The market remains poised, awaiting clear signals that could either stabilise prices or trigger further downward movements, especially as assets hover near critical price levels.