Bitcoin slid below $62,000 to a pre-Iran conflict low as $1.5 billion in crypto longs were wiped out and spot ETFs marked their 11th consecutive day of outflows.
Posted June 4, 2026 at 4:54 am EST.
Bitcoin fell below $62,000 Thursday morning, sliding to its lowest level since before the U.S.-Iran conflict began this spring and wiping out the rally that started when oil markets first reacted to the geopolitical escalation. The slide accelerated overnight as cumulative crypto liquidations approached $1.5 billion over the past 24 hours, with bullish bets accounting for the bulk of the losses, according to CoinGlass data.
The arithmetic of the drawdown is stark. Bitcoin has now lost roughly 50% from its October 2025 high of about $126,000.
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Spot Bitcoin ETFs posted their 11th consecutive day of net outflows on Wednesday, extending the longest streak on record since the products launched in January 2024. Cumulative outflows since May reached approximately $3.83 billion. The damage drained AUM from over $108 billion to roughly $82 billion in the last five weeks.
The VIX-equivalent BVIV index surged nearly 20% Tuesday, the largest single-day jump since the February 5, 2026 crash, signaling that two months of calm market sentiment have ended. DeFi total value locked sank to roughly $78 billion, the lowest since October 2024.
CryptoQuant characterized the move in a Friday report as a “real buyer drought” hidden under record long-term holder supply, and Galaxy Research called the ETF outflows “real directional recalibration” rather than hedge adjustments. CoinShares likened the pattern to the January-to-February 2025 episode that produced five straight weeks of withdrawals before resolving in inflows.
Strategy’s first BTC sale since 2022 added a symbolic layer to the institutional retreat. The 32 BTC sold for $2.5 million is arithmetically negligible against Strategy’s 843,706 BTC total. But the signal effect for a company that publicly defines itself as a net accumulator was outsized. MSTR stock fell 8.5% Monday and an additional 6% Wednesday.
The macro overlay is what makes the bitcoin move especially uncomfortable. Oil prices climbed on Wednesday on renewed Iran tensions, the dollar index strengthened, U.S. 10-year Treasury yields approached 4.7%, and the S&P 500 posted its tenth consecutive weekly gain on AI optimism while bitcoin diverged.
Related Listen: Bitcoin Stalls, Stocks Soar: The Disconnect That Defines This Cycle
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