From 12:15 to 12:30 UTC on June 4, 2026, BTC quickly rebounded within 15 minutes, with a return of +1.19%. The price ranged from 62,522.3 to 63,397.6 USDT, with a swing of 1.40%. Earlier, Bitcoin had been plummeting for consecutive days. During the June 4 Asian session, it briefly broke below the $62,000 level to $61,338. Over the prior 24 hours, the drop was about -3.6%. This rebound is a technical correction after consecutive declines.
The main driver of this move is the resonance between continued large net outflows from ETF funds and whale exits. Based on the latest data, in May 2026, Bitcoin ETFs saw a dramatic reversal in fund flows. From May 27 to 29, there were three consecutive trading days of net outflows of -$737.7 million, -$223.3 million, and -$120 million, respectively. Cumulative net outflows exceeded $1 billion, setting a new record for the third-largest outflow of 2026. At the same time, whale activity continued to heat up: the All Exchanges Whale Ratio rose to its highest level in ten months, indicating large holders are accelerating their exit.
Second, a tightening macroeconomic environment further amplified volatility. Escalation in the U.S.-Iran conflict pushed WTI crude oil above $90 per barrel. The market sharply reduced expectations for Federal Reserve rate cuts, tightening liquidity conditions. On-chain activity is at a historical low, with both mempool activity and transaction fees falling significantly, and overall market momentum clearly weakening. In the derivatives market, in early June more than 160,000 positions were liquidated within 24 hours across the crypto market, with a total value exceeding $900 million. Long liquidations accounted for 93%. Bitcoin futures liquidations totaled $363 million, and leverage clearing further exacerbated short-term swings.
Bitcoin is still in a pullback cycle, and this rebound has not changed the broader bearish setup. Going forward, key factors to watch include whether the $62,000 key support can hold, whether ETF fund flows keep deteriorating, changes in whale exchange activity, and developments in Federal Reserve policy. Short-term volatility risk remains; it’s advisable to monitor on-chain fund flows and macro news.
