Thursday, June 4, 2026 · Covering Wednesday June 3 session
Summary
Bitcoin had a miserable day. It tumbled below 62,000 dollars at its worst, down well over 4% on the day and more than 12% on the week, in one of the sharpest selloffs of 2026. The drop dragged the whole market down, and Bitcoin now sits roughly halfway below the record high it set last October.
Three things piled on at once. Big investment funds that hold Bitcoin have been pulling money out for nearly two weeks straight, the longest run of withdrawals on record. Strategy, the company famous for buying and never selling Bitcoin, sold a small amount for the first time in four years, which spooked people far more than the tiny size warranted. And as the price fell, traders who had borrowed to bet on a rise were forced to sell, pushing prices down even faster.
The mood is about as fearful as it has been all year. Some see a market this beaten-down as the kind of moment that often comes near a bottom, while others warn the drop could deepen toward 60,000 or below. The next signals investors are waiting on are the June 10 US inflation report and the June 16-17 Federal Reserve meeting.
