In today’s crypto news (June 4), the market continues to bleed as June maintains its downtrend. Bitcoin fell below $62,000 overnight, falling -4.8% over the past 24 hours. The crash caused more than $1.63 billion in daily liquidations, of which more than $1.38 billion were long trades.
This recent wave of liquidations has contributed to daily trading volume surpassing $393 billion, more than double yesterday’s $143 billion. The rise in volume highlights merchant activity, with many participants unloading their bags ahead of a bigger drop.
This price action was also not helped by ETF flows, with over $396 million more flowing out of the various Bitcoin ETF products, which is lower than yesterday’s $500 million figure, but extends the run to 11 consecutive days of outflows.
June has been terrible for crypto, with Michael Saylor and Tom Lee seemingly competing to reach -$10 billion PnL first, as the crypto treasury strategy begins to show serious signs of weakness.
Iran and the United States on the brink of all-out war
Trump reportedly draws his personal red line with Iran, and that line is American blood. The president reportedly told aides that he would consider ending the ceasefire if Iran killed U.S. troops, even though officials publicly insist the truce remains intact despite constant skirmishes.
His hesitance to resume war indicates that he is willing to endure these outbreaks of violence for weeks or even months rather than risk escalating into a broader conflict in the Middle East.
This also clarifies the unusual trend we have observed over the past two weeks. Iran continues to launch barrages that do not target American interests, and Trump continues to absorb these attacks without restarting the war.
Both sides are fully aware of the boundaries and follow them carefully. However, the situation could change dramatically with the loss of one more American soldier.
Any further escalation of the situation in the Middle East would likely spell disaster for the crypto, possibly serving as a catalyst for the next decline, which many believe would be towards $50,000.
JUST IN: Trump just drew a hard line with Iran.
He was very clear: sign the agreement or do the opposite.
Missiles flying over Kuwait, drones active in the Gulf and the FBI arrest in California show that the situation is evolving rapidly.
This is not soft diplomacy. It’s a… pic.twitter.com/k1ENwMwsRG
– Comment posted by Donald J. Trump on Truth Social (@TrumpDailyPosts) June 4, 2026
JUST IN: Trump just drew a hard line with Iran. $1.6 Billion in New Liquidations as Bitcoin USD Hits $61,000 Overnight
In other crypto news today, Bitcoin fell to $61,000 overnight, sparking a new wave of market liquidations, with over $1.6 billion wiped out, including over $1.3 billion from long positions.
BTC USD accounts for over $740 million of that liquidation figure, followed by ETH at $382 million. Solana is the second culprit behind this figure, with over $85 million in positions liquidated overnight.
Until traders stop desiring every dip, liquidations will likely continue, as these positions fuel every crash. Funding will need to be reset before a floor can be found, and until then, calls for $50,000 Bitcoin will continue to be heard.
(SOURCE: CoinGlass)
Tom Lee and Michael Saylor in a race to see who reaches -$10 billion in PnL first
It wasn’t long ago that Michael Saylor and Strategy were considered the messiahs of crypto, with the company’s treasury strategy seen as bullish for the market and spawning copycat companies.
However, in recent days, Saylor returned to his “never sell” mantra, selling 32 BTC, sparking fear in the crypto market, with many believing it could be a test sale before a larger transaction.
Tom Lee and Bitmine are among the aforementioned strategy copycats, but with ETH rather than BTC. Bitmine has the added benefit of being able to stake its Ethereum for a return of around 4%.
This hasn’t stopped Bitmine from racking up an unrealized loss of over $8.9 billion, while Saylor and Strategy have around $8.3 billion in unrealized losses. It appears that both companies are now on a collision course towards $10 billion, which could spell disaster for both companies, for their respective stock prices, and raise fears that they might start dumping BTC and ETH in large quantities. This would be some of the most worrying news in crypto, if and when it becomes a reality.
Saylor’s unrealized loss: -$8,342,000,000
Unrealized loss of Tom Lee: -$8,945,000,000
They moved on from the competition "who buys more" has "who is the most broken." pic.twitter.com/1VTx6n7LLa
— Ted (@TedPillows) June 3, 2026
BTC USD holders turn into sellers: a bear trap ahead?
Bitcoin displays a familiar warning sign; long-term holders are quietly turning into sellers. BTC USD is trading around $65,300, down about 6.5% in the past 24 hours after rebounding from recent lows, but the weekly chart tells a tougher story: the price has slipped more than $70,000 and has yet to regain that level. Whether this is a shake-up or the start of something worse is the question the entire market is currently pondering.
On-chain data shows a clear resumption of profit-taking by long-term holders and whales, even as new retail flows slow. Derivatives markets confirm this trend: Funding rates were high in the previous period, followed by a wave of liquidations as prices retreated, the kind of positioning reset that looks ugly in the moment but often precedes a recovery.
Read the full story here.
ZCash never stopped working yesterday
Zcash (ZEC) is alive and well and trading to prove it. Despite the rumors circulating and the headline confusion, ZEC is actively changing hands, with a price between $530 and $550, a 7-day gain of +2%, and support at $520. The network never stopped. What happened is more interesting than a shutdown and more relevant to your portfolio.
ZEC developers identified and temporarily froze a component of the network’s privacy system, fixed the flaw and restored full functionality. Fast. The result? ZEC actually rallied while the biggest altcoins bled, a stark reminder that reactive development can turn a scary stock into a signal of confidence.
Read the full story here.
Charles Hoskinson seemingly put the nail in Cardano’s coffin. ADA is trading at $0.195 this morning, down almost -10% in the last 24 hours, making it one of the worst performers among large caps today. And the man who built Cardano has publicly distanced himself from any responsibility for fixing it.
In an impassioned monologue on YouTube this week, Hoskinson warned that the collapse of Cardano analytics firm TapTools is only the beginning. “There is going to be a wave of failures in the ecosystem,” he said bluntly. ADA recently touched $0.187, a more than five-year low, and is now down approximately -93% from its all-time high of $3.09.
Read the full story here.
The article Crypto News Today (June 4): BTC mines $61,000 overnight as liquidations pile up appeared first on 99Bitcoins.
