Bitcoin opened at $64,038.92 on Thursday. It slid to $62,257.81 by 7:40 a.m. ET. Ethereum opened at $1,810.96 and fell to $1,740.70 in the same window. The moves mark a painful continuation of a weeklong sell-off. They also wipe out every gain the largest cryptocurrency made since the start of the U.S.-Iran conflict.
That conflict began in February. Bitcoin traded near $65,879 the day fighting started. It climbed above $82,000 by mid-May. Now those advances have vanished. The war drags on. Oil prices stay elevated. Inflation worries mount. Rate-cut expectations fade. Bitcoin no longer acts like a safe haven. It behaves like any other risk asset. Yahoo Finance documented the precise price action and the erosion of post-war gains.
Broader numbers tell a harsher story. Total crypto market capitalization sits near $2.18 trillion. That reflects a 48% drop from last year’s peak above $4.2 trillion. Bitcoin hovers close to $60,000 after testing $61,351 lows. Ethereum trades near $1,700. Solana lost the $70 level with a 7% plunge. BNB briefly broke below $600. The pain spreads.
Spot Bitcoin ETFs recorded more than $3 billion in net outflows over ten consecutive days through late May. Some reports cite $3.2 billion or even $4.4 billion across 13 sessions. BlackRock’s IBIT alone saw another $342 million exit on Wednesday. MicroStrategy sold Bitcoin. Mt. Gox moved coins. Liquidations topped $1.7 billion this week. And still global stocks hit records on AI enthusiasm. The divergence feels stark.
CoinDesk captured the scene. Bitcoin plunged 6.4% to a 24-hour low of $65,708. It stood down 12.3% for the week. Ether dropped 7.9% to $1,839 and 11.1% weekly. Solana fell 9%. The MSCI All Country World Index set fresh highs. Arthur Hayes exited his Hyperliquid position citing macro risks. The message was clear. Crypto trades on its own troubled path.
Analysts point to the Federal Reserve. Persistent inflation from elevated oil tied to the Iran conflict delays expected rate cuts. Some officials floated the idea of hikes. That shocked markets already sensitive to higher borrowing costs. Rumors of large Bitcoin sales on June 1 added fuel. Miner daily profits turned negative. Shutdown risks rise. Oversold signals flash. RSI sits at 18. Sentiment indexes show extreme fear. Yet few expect an immediate rebound without fresh catalysts.
Support levels attract attention. Many watch $60,000 to $64,000. A hold there could invite buyers back. A break lower opens the door to more pain. One analysis from TradingKey warned of a potential retest of $60,000 and noted ETF outflows exceeding 40,000 BTC. It described the current environment as the cycle’s harshest read so far.
June has historically been rough for Ethereum. This year proves no exception. The token opened the month below $2,000 for the first time since 2023. Some forecasts see a monthly low target near $1,750. Recovery hopes rest on ETF flow stabilization or network upgrades. Neither looks imminent.
Recent X chatter echoes the anxiety. One post noted Bitcoin briefly broke below $62,000 Thursday morning. Pre-war levels completely erased. Another highlighted $1.76 billion in liquidations and $4.4 billion in ETF outflows. May nonfarm payrolls data looms. The June FOMC meeting approaches. Traders scan every macro signal.
Bitcoin’s all-time high reached $126,198 in October 2025. Ethereum peaked at $4,954 last August. Current prices sit roughly 50% and 65% below those marks respectively. The bear market does not feel like its late stages to everyone. Some call it early. Others see capitulation building.
But. Technical damage accumulates. Psychological levels break. Institutional flows reverse. Geopolitical uncertainty persists. The combination creates a feedback loop hard to escape. Short-term oversold conditions exist. They rarely reverse sustained downtrends alone.
So investors weigh the evidence. War outcomes remain uncertain. Inflation data could improve or worsen. ETF outflows might slow. Or they might accelerate. No single factor decides the next leg. The market prices in many at once.
Bitcoin fell more than 13% in the past week. Ethereum dropped over 10%. The rest of the major coins followed similar paths. Hyperliquid’s HYPE token stood out with weekly gains before giving some back. Exceptions prove rare.
Longer term questions linger. Will Bitcoin reclaim safe-haven status once conflicts ease? Can Ethereum regain momentum through technical upgrades? Will institutions keep accumulating on weakness or step back further? Answers will not arrive quickly.
For now prices grind lower. Support tests continue. Fear dominates. The plunge below pre-war levels serves as a stark reminder. Crypto remains tied to macro forces far beyond its own technology. And those forces currently point in one direction.
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