Between 17:15 and 17:30 UTC on June 4, 2026, Bitcoin fell 0.58% in 15 minutes, trading in the 63,117.6–63,593.3 USDT range, with a 0.75% intraday amplitude. This short-term spike occurred against a macro backdrop in which Bitcoin has already dropped 4% on the week and has broken below a key support level, leaving market sentiment under sustained pressure.
The main driver behind this move was a crack in institutional positioning confidence. Strategy disclosed on June 1 that it sold 32 BTC. This was the company’s first reduction since it rolled out its “never sell” strategy in 2020. Although the scale was only about $2.5 million, it shattered market expectations that institutions would hold long-term, raising investors’ concerns about the stability of institutional holdings.
Second, persistent net outflows from spot ETFs further intensified the “buying vacuum.” Data show that US Bitcoin spot ETFs have recorded net outflows for 11 straight trading days, with cumulative outflows of about $4.4 billion. On June 3 alone, net outflows reached as high as $733 million. With ETF buying retreating, the spot market’s ability to absorb selling pressure has weakened, so any additional downside pressure is amplified. Meanwhile, deleveraging in the derivatives market has not been completed: after $1.8 billion in forced liquidations across the market on June 3, high-leverage long positions are more likely to trigger cascading liquidations when price approaches the $65,000 support area, creating a downside pressure resonance.
On the macro front, negative factors also piled up. Inflation above expectations weakened expectations for Federal Reserve rate cuts. Geopolitical tensions heating up pushed oil prices above $90, prompting funds to further rotate out of risk assets into safe-haven assets, and record highs in US stocks also attracted ongoing rotation of capital.
In the short term, watch the effectiveness of the $65,000 support level; if it breaks, price could test the $60,000 psychological threshold. Going forward, continue monitoring ETF fund flows, institutional holding dynamics, and macro policy signaling, while staying alert to the risk of a chain reaction deleveraging in the derivatives market.
