Bitcoin kept falling on Thursday June 4, sliding below 62,000 dollars to its lowest level since February and extending a brutal three-day slide. It is now down around 14% on the week and more than 50% below the record it set last October. The drop dragged the whole market lower, and the mood is about as fearful as it has been all year.
The fall has reached a symbolic milestone: Bitcoin has dropped below the average price Strategy paid for its huge holdings, the first time in over two years. The company, famous for buying and holding Bitcoin, is now sitting on a paper loss of more than 11 billion dollars, and its founder has been playing it down. That a flagship buyer is underwater says a lot about how far this slide has run.
Underneath, the same forces keep grinding. Big investment funds have pulled money out for almost two weeks straight, the longest stretch on record, and as prices fall, traders who borrowed to bet on a rise are forced to sell, speeding the drop. The altcoins fell harder still, with Zcash crashing more than 40% after a serious flaw was found in its code. The 60,000 mark is the line everyone is now watching.
The Big Three
Bitcoin slid below 62,000 dollars, its lowest since February, down about 14% on the week and over 50% from its October record. The three-day slide dragged the rest of the market down too.
A milestone fell. Bitcoin dropped below Strategy’s average buying price for the first time in over two years, leaving the famous holder with an 11-billion-dollar paper loss. When the flagship buyer is underwater, the slide has run deep.
The pressure keeps building. Funds have pulled money out for nearly two weeks, forced selling is speeding the drop, and altcoins fell harder, with Zcash crashing over 40% on a code flaw. The 60,000 mark is next.
02 The Day’s Numbers
| What | Where it landed | Change | In plain terms |
|---|---|---|---|
| Bitcoin (live) | ~61,770 | −3.81% | Lowest since Feb |
| On the week | ~−14% | Steep | Three-day slide |
| Strategy’s loss | ~11B | On paper | Now below cost |
Live Market IntelligenceCrypto — Live Market Board
Rio Times · Live Market Intelligence
Crypto — Live Market Board
+0.93%
| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| BTC | 65,289 | +0.93% | -44.41% | 64,691 | 65,591 | 65,139 | 30,405,001,216 |
| ETH | 1,911 | +2.11% | -49.23% | 1,872 | 1,916 | 1,901 | 11,654,882,304 |
| SOL | 77.94 | +2.08% | -60.23% | 76.36 | 78.18 | 77.69 | 2,006,367,104 |
| XRP | 1.11 | +1.72% | -68.65% | 1.10 | 1.12 | 1.11 | 1,201,021,952 |
| BNB | 572.23 | +0.32% | -25.37% | 570.40 | 573.38 | 570.66 | 1,076,899,456 |
| ADA | 0.17 | +2.54% | -80.89% | 0.17 | 0.17 | 0.17 | 397,113,920 |
| DOGE | 0.07 | +0.10% | -73.36% | 0.07 | 0.07 | 0.07 | 678,547,072 |
| AVAX | 6.62 | +2.54% | -73.99% | 6.46 | 6.62 | 6.57 | 281,734,880 |
| LINK | 8.59 | +2.57% | -56.04% | 8.37 | 8.62 | 8.57 | 236,038,544 |
| DOT | 0.83 | +1.44% | -81.57% | 0.82 | 0.83 | 0.83 | 86,284,976 |
| LTC | 47.16 | +0.25% | -59.29% | 47.04 | 47.42 | 47.16 | 295,242,752 |
| BCH | 221.16 | +2.92% | -57.76% | 214.88 | 221.16 | 219.72 | 108,076,192 |
| TRX | 0.33 | -0.34% | +3.68% | 0.33 | 0.33 | 0.33 | 405,195,968 |
| XLM | 0.19 | -0.31% | -60.41% | 0.19 | 0.19 | 0.19 | 138,993,008 |
| HBAR | 0.07 | +0.41% | -75.40% | 0.07 | 0.07 | 0.07 | 42,984,436 |
| NEAR | 1.99 | +4.21% | -34.10% | 1.91 | 2.00 | 1.97 | 197,119,968 |
| ATOM | 1.49 | +1.02% | -71.31% | 1.47 | 1.50 | 1.49 | 27,621,450 |
| AAVE | 90.75 | +1.59% | -71.86% | 89.33 | 90.96 | 89.73 | 181,154,400 |
03 Why It Fell
Money keeps walking out
The engine of this slide is steady selling by big investors. The funds that let large institutions own Bitcoin have seen withdrawals for nearly two weeks straight, the longest run on record, pulling out roughly 3.5 billion dollars, and large holders have been selling too. Those buyers had propped the market up for over a year, so their exit pulled away the floor. As the price fell, traders who had borrowed to bet on a rise were forced to sell, driving prices down faster and flushing hundreds of thousands of accounts.
A milestone and a blowup
Two things deepened the gloom. Bitcoin fell below the average price Strategy, the company best known for hoarding it, paid for its stash, the first time in over two years, leaving it with a paper loss above 11 billion dollars; when even the most committed buyer is underwater, confidence takes a knock. Then came a sharp altcoin blowup: Zcash, a privacy-focused coin, crashed more than 40% after developers revealed a serious flaw in its code.
§04 · The Bigger Picture
Step back and this is a market that has been bleeding for weeks, and the bleeding has sped up. Bitcoin has fallen more than half from its October record to its lowest since February, partly because investors have shifted money toward gold and technology shares, and now that even Strategy is underwater, the question of who is left to buy hangs over it. Markets this stretched and fearful are sometimes close to a low, but with funds still pulling cash out, there is little to stop another leg toward the 60,000 mark everyone is watching.
05 The Altcoin Tape
The selling was everywhere, and the altcoins took the worst of it. Ether fell under 1,700 dollars and Solana, NEAR, Cardano and HYPE dropped by double digits, while Zcash crashed more than 40% on its code flaw. Gold and silver barely moved, a sign this was money fleeing risky bets rather than a panic across all markets.
| Coin | Price | 24h | Note |
|---|---|---|---|
| BTC | 61,770 | −3.81% | Below 62K, 3-day slide |
| ETH | 1,653 | −7.83% | Under 1,700 |
| SOL | 64.73 | −8.35% | Heavy fall |
| BNB | 578.53 | −4.54% | Lower again |
| XRP | 1.1120 | −6.77% | Slips under 1.12 |
| DOGE | 0.0836 | −7.34% | Meme coins hit |
| ADA | 0.1609 | −18.82% | Among worst |
| XLM | 0.1916 | −10.07% | Broad weakness |
| SUI | 0.6976 | −13.01% | Mid-cap rout |
| NEAR | 2.0795 | −16.91% | Sharp drop |
| HYPE | 60.69 | −13.85% | Steep slide |
| ENA | 0.0855 | −18.02% | Deep fall |
| ONDO | 0.3554 | −8.28% | Gives back more |
| PEPE | 0.0₃5₃2744 | −10.35% | Meme bleed |
| ZEC | 339.31 | −42.94% | Crashed on bug |
| WLD | 0.5136 | −3.39% | Holds up better |
| XAU | 4,459 | −0.31% | Gold barely moves |
| XAG | 72.55 | −0.87% | Silver eases |
| XAUT | 4,429 | −0.32% | Tokenized gold steady |
| OPN | 0.2697 | +33.38% | Bucks the trend |
06 A Look at the Chart
The chart is deeply beaten-down and getting worse. Bitcoin sits far below its longer-term trend line near 71,800 and beneath all its recent average prices, a clear and deepening decline. The mood gauge is near an extreme low, which can come before a bounce but is not a bottom on its own. The 60,000 area is the line everyone is watching now.
07 Questions & Answers
Verdict
The rout is deepening. Bitcoin slid below 62,000 dollars on Thursday, its lowest since February, down about 14% on the week and more than half from its October record. It is now below the average price Strategy paid for its huge stash, leaving the famous holder with an 11-billion-dollar paper loss. The same forces keep grinding, with funds pulling money out for the longest stretch on record and forced selling speeding the drop, while altcoins fell harder and Zcash crashed over 40% on a code flaw. The mood is as fearful as it has been all year, which can come near a low, but with money still leaving, this looks like a market still hunting for a floor. The 60,000 mark decides what comes next.
Related: The selloff so far · Strategy underwater · The fund withdrawals.
Even the flagship buyer is underwater; with money still leaving, 60,000 decides what comes next.
Disclaimer: This report is editorial market analysis based on publicly available data. It is not investment advice. Markets carry risk; consult a licensed professional before trading.
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