Bitcoin Slides Below $63,000 as ETF Outflows Hit 13 Straight Days

Bitcoin fell to about $63,000 early Thursday, its lowest level since February 24.

CoinGecko still ranked it #1 by market cap when checked June 4, so this is the largest crypto asset losing ground, not a fringe token.

The drop is steep. Bitcoin is down more than 14% this week and 21% over the past four weeks, according to CoinDesk data.

The selloff has pulled it into a stress zone where ETF demand, volatility, and the $60,000 support line all start to carry real weight.

Bitcoin has now sunk below $65,000 pic.twitter.com/uI1RjCOukX

— CoinDesk (@CoinDesk) June 3, 2026

The fear gauge is climbing too. The 30-day implied volatility index BVIV rose to 53.17, its highest reading since April 2, as traders rushed into protective options.

That tells you something about positioning. When implied volatility jumps like this, it usually means buyers are paying up for downside protection rather than betting on a bounce.

The institutional side looks just as soft.

Investors pulled another $50 million from U.S.-listed spot Bitcoin ETFs on Wednesday. That marked the 13th straight trading day of outflows from products widely treated as a proxy for institutional demand.

CoinDesk framed the move this way:

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.

Bitcoin 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.

Analysts point to a few drivers behind the slide.

They cite a lack of fresh catalysts, liquidity rotating into sectors like artificial intelligence, and lingering concerns over Mt. Gox-related selling.

The level traders keep naming is $60,000. That low-$60,000 region is the support zone most desks are watching, with some eyeing $50,000 as a possible floor if it cracks.

Sentiment in the prediction markets has cooled along with the price.

DATA: Less than 22% of Kalshi users believe $BTC will break $99,999 this year pic.twitter.com/stzkY14EK9

— CoinDesk (@CoinDesk) June 3, 2026

None of this rewrites Bitcoin’s long-term case. Four-week drawdowns of this size have come and gone before, and the asset is still the benchmark for the entire space.

The honest read for now is that demand has thinned at the exact moment volatility picked up.

Hold the low-$60,000s and this looks like a familiar shakeout. Lose it cleanly, and $60,000 stops being a line on a chart and starts being a real test.

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