From 05:00 to 05:15 (UTC) on June 4, 2026, BTC fell 0.69% within 15 minutes. The price ranged from 63,715.5 to 64,399.9 USDT, with a 1.06% amplitude. Bitcoin continued to show weakness in Asian trading. During the session, it briefly broke below the $62,000 level, market sentiment cooled sharply, and volatility increased significantly.
The main driver behind this move is a macro shock triggered by an escalation in geopolitical conflict. After U.S. airstrikes on Iran’s Abbas Port on June 3, the Islamic Revolutionary Guard Corps retaliated against U.S. bases. The situation in the Middle East deteriorated rapidly, and WTI crude oil broke above $90 per barrel. The surge in oil prices reinforced inflation expectations, and further weakened expectations for Federal Reserve rate cuts. Risk assets overall came under pressure, increasing the correlation between Bitcoin and traditional risk assets.
At the same time, capital flows and market structure formed a resonance that led to selling pressure. Bitcoin spot ETFs have continued to see net outflows since May 15. On June 3 alone, the daily outflow reached $733 million, exceeding the total amount from the prior week. In the spot market, buy-side momentum effectively fell into a vacuum. On-chain data shows the whale exchange ratio climbed to 0.64, the highest level since October 2015. On June 2, there were 10,095 large transactions of $100,000 or more—six-week highs—indicating clear changes in large holders’ deployment. In the derivatives market, leveraged long positions accumulated above $75,000. After falling below key support, algorithmic liquidation cascades were triggered. Over the past 24 hours, more than 160,000 traders were liquidated for $900 million, with longs accounting for 93%. BTC derivatives liquidations totaled $363 million.
In the short term, focus on the strength of support at the $60,000 psychological level. If it breaks, support is likely to shift to the $55,000–$57,000 range. Current geopolitical risks are still developing. Continued net outflows from ETFs reflect subdued institutional sentiment, and the high leverage has not been fully cleared, leaving elevated short-term volatility risk. It is recommended to monitor on-chain fund flows and changes in the macro news backdrop.
