Here’s Why the Crypto Market Is Crashing Today as Bitcoin Price Dips to $63K

2026 is becoming one of the worst years in crypto history. Red day after red day. No relief.

Today, the Bitcoin price crashed another 4%. Price now in the $63,000–$64,000 range. Over $1.1 billion worth of leveraged crypto positions got liquidated in the past 24 hours. Long traders took the heaviest hit; around $945 million of those forced closures came from bullish bets that turned sour.

Bitcoin is down 32% this year. Ethereum is down 45%. This is one of the most brutal stretches crypto has seen in years.

Let’s break down why the crypto market is down right now.

13 Straight Days of ETF Outflows – Institutions Are Leaving

U.S. spot Bitcoin ETFs recorded $396.6 million in net outflows on June 3. That marked the 13th consecutive trading day of withdrawals. The streak is the longest since spot Bitcoin ETFs launched in January 2024.

BlackRock’s IBIT led the exodus with $342 million in outflows. Fidelity’s FBTC followed with $54 million. Together, those two funds accounted for almost the entire day’s outflow. Even the most popular Bitcoin ETF products are not immune to this downturn.

The cumulative outflows over this period now exceed $1.2 billion. That erases a big chunk of the inflows that drove assets under management to record highs earlier this year.

So, the longest outflow streak since ETF launch signals waning institutional conviction. Investors are rotating into equities and reacting to a tougher macro environment with delayed rate cuts. The easy exit route that ETFs provide is now working against the market.

Bitcoin Hits $63K – Volatility Spikes, $60K Support in Sight

Bitcoin’s plunge to $63,092 marked its lowest daily candle close since February. The 14% weekly drop has heighted market anxiety.

Traders are now watching the $60,000 region closely. That area sits near the 200-week moving average, which has acted as key support in past bear markets. Some analysts are pointing to the $61,000 level at the 200-week MA as an accumulation zone.

The 30-day implied volatility index spiked to 53.17, its highest since early April. Put option buying dominates the market as traders hedge against further downside.

What this means: The surge in volatility and bearish hedging creates more downward pressure in the short term. But the $60,000 zone near the 200-week MA now serves as a clear line. Hold that level and buyers may step back in. Lose it and the next stop could be lower.

Santiment: War Fears Faded, Then Saylor Became the Scapegoat

Santiment released a report today showing how crowd narratives have shifted dramatically.

Throughout March and early April, crypto traders pointed to Middle East tensions as the primary reason for weak market performance. Mentions of Iran, Israel, and broader war discussions surged whenever prices stumbled.

Then everything changed.

As war-related discussions faded, social media attention shifted toward Michael Saylor and Strategy. Following Bitcoin’s latest decline, traders increasingly focused on Strategy’s influence, leverage, and recent selloff, even though the sale was very minor.

The Santiment chart illustrates this perfectly. From March 1 to April 8, war-related topics dominated the narrative. Reddit and X users blamed geopolitical unrest for suppressed crypto prices. Since May 31, that pattern flipped. Now Saylor and Strategy are the primary reasons the crowd gives for the crash.

Whether the concern is justified or not, the chart shows how quickly crowd narratives can rotate.

Read more crypto and Bitcoin news: Kalshi Traders Bet on $49K Bitcoin

Could Crypto Go Lower From Here? Is This the Dip?

The short-term outlook remains fragile.

Bitcoin’s price has formed lower highs and lower lows since peaking above $83,000. Sellers have controlled every rally attempt. The $60,000 support zone is now the line in the sand.

Ethereum is in worse shape. ETH broke below $1,800 for the first time since April 2025. The price touched as low as $1,716 before a small bounce. Below $1,800, the next support sits near $1,700. A clean break below that would likely send ETH toward the winter lows.

Is it time to buy the dip?

That depends on your timeframe. The $60,000 region for Bitcoin and $1,700 for Ethereum offer historical support levels. The RSI on both assets is approaching oversold territory. Selling pressure is getting stretched.

But the catalyst for a reversal is not here yet. ETF outflows keep piling up. Macro uncertainty persists. And the crowd narrative (whether war or Saylor) has not turned bullish.

FAQs

What caused the crypto crash today

A combination of 13 straight days of ETF outflows ($1.2 billion total), $1.1 billion in liquidations, and shifting crowd narratives from war fears to Saylor blaming. The immediate trigger was leveraged long positions getting forced out as BTC broke below $66,000.

Is $60,000 the bottom for Bitcoin

It is a major support zone near the 200-week moving average. If buyers defend that level, a bounce could follow. A clean break below $60,000 would likely invite another wave of selling toward lower levels.