Bitcoin tanks below $63,000 for the first time since February as price selloff deepens
Key takeaways
- The selloff has triggered demand for protective options plays, pushing the fear gauge higher.By Omkar Godbole Updated Jun 4, 2026, 1:34 a.m.
- Investors yanked another $50 million from U.S.-listed spot ETFs Wednesday, marking the 13th consecutive trading day of outflows from these vehicles, which are viewed as a proxy for institutional demand.
- "A broad sell-off in crypto, which started with Strategy's transfer triggering ETF outflows and is now fueled by speculative news about Mt.
The selloff has triggered demand for protective options plays, pushing the fear gauge higher.By Omkar Godbole Updated Jun 4, 2026, 1:34 a.m. Published Jun 4, 2026, 1:30 a.m. 2 min read Make preferred on BTC's price selloff. (Coin Desk)What to know: Bitcoin fell to about $63,000, its lowest level since February, and is down more than 14% this week and 21% over the past four weeks.The sell-off has driven 30-day implied volatility to its highest level since early April and prompted 13 straight days of outflows from U.S.-listed spot bitcoin ETFs, signaling waning institutional demand.Analysts say a lack of fresh catalysts, rotation of liquidity into sectors like artificial intelligence and concerns over Mt. Gox-related selling could fuel further volatility, with key support watched around $60,000 and some eyeing $50,000 as a potential bottom.In this articleBTCBTC$66,924.57◢3.97%Bitcoin BTC$66,924.57 extended losses early Thursday, falling to $63,000 for the first time since February 24. The cryptocurrency has lost over 14% this week alone and 21% over the past four weeks, according to CoinDesk data.
The selloff has triggered demand for protective options plays, pushing the fear gauge, the 30-day implied volatility index BVIV, to 53.17, its highest level since April 2.
Investors yanked another $50 million from U.S.-listed spot ETFs Wednesday, marking the 13th consecutive trading day of outflows from these vehicles, which are viewed as a proxy for institutional demand.