Bitcoin (BTC) plunged to a low of $101,500 on June 5, marking its sharpest decline in over a month as a wave of selling swept through crypto markets.
The drop extended a multi-day slide triggered by shifting investor sentiment and declining demand from institutions.
The world’s largest cryptocurrency touched a low of $101,500 before stabilizing slightly above $102,000. Bitcoin is now down more than 8% from last month’s peak of nearly $112,000 and further losses could follow if confidence continues to erode.
Other top digital assets also declined. Ethereum (ETH) fell to a low of $2,506, down approximately 4% on the day, while Solana (SOL) dropped to $144, a decline of about 8%. BNB also declined over 4% to a low of $640 before attempting to stabilize.
Dogecoin (DOGE) fell over 8% to $0.169, while XRP saw a roughly 4% decline to a low of $2.11.
As of press time, Bitcoin was trading at $101,900, down 2.87% for the day as bulls attempted to stabilize price in the six-figure zone.
Fading momentum
The decline follows a sharp reduction in inflows to spot Bitcoin ETFs, with fund data showing a 77% weekly drop. The slowdown in institutional buying has removed a key source of support that underpinned Bitcoin’s recent rally to record highs.
At the same time, larger holders have been cashing out after months of gains, adding further downward pressure. On-chain data indicates heightened profit-taking and a broad market cool-off following a period of rapid price appreciation across the crypto sector.
The tone among asset managers has also shifted, with many citing uncertainty around the Federal Reserve’s next move as a reason to reduce exposure to volatile assets like crypto.
The selling was not limited to crypto markets, with financial markets across the board seeing sharp declines for the trading day.
Macro uncertainty
Traders remain on edge ahead of upcoming US jobs data and new comments expected from the Federal Reserve. With inflation lingering and rates still high, risk appetite has weakened across asset classes. Crypto has not been spared, and many investors are moving to cash while volatility spikes.
A weaker-than-expected number may support arguments for rate cuts, but could also reinforce fears of a slowing economy. Earlier this week, the ADP private payrolls report showed job creation falling well short of expectations, its weakest print in over two years.
Meanwhile, geopolitical and macro uncertainty continues to persist amid tariff concerns and upcoming interest rate decisions by major central banks.
Adding to the uncertainty, leveraged long positions have fallen to their lowest levels since December. The rapid unwind of these positions suggests that even the most aggressive bulls are stepping back, at least for now.
If Bitcoin fails to hold the $100,000 line, traders expect a swift descent toward $97,000 or lower, marking a major retracement from the 2025 highs.
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