In crypto news today (June 4), the market continues to bleed as June maintains its bearish trend. Bitcoin crashed below $62,000 overnight, falling by -4.8% over the past 24 hours. The crash has caused more than $1.63Bn in daily liquidations, with over $1.38Bn of that figure being long trades.
This recent spate of liquidations has contributed to the daily trading volume exceeding $393Bn, more than double yesterday’s $143Bn. The spike in volume highlights trader activity, with many participants offloading bags before any deeper drop.
This price action also hasn’t been helped by ETF flows, with a further $396M+ exiting the various Bitcoin ETF products, which is less than yesterday’s $500M+ figure but does extend the run to 11 consecutive days of outflows.
June has been awful for crypto, with Michael Saylor and Tom Lee seemingly competing to hit -$10Bn PnL first, as the crypto treasury strategy begins to show serious signs of weakness.
Iran and the US on the Brink of All-Out War
Trump has reportedly drawn his private red line with Iran, and that line is American blood. The President reportedly told aides he would consider ending the ceasefire if Iran kills US troops, even as officials publicly insist the truce remains intact through the constant skirmishes.
His hesitation to resume the war indicates that he is willing to endure these flare-ups for weeks or even months, rather than risk escalating into a broader conflict in the Middle East.
This also clarifies the unusual pattern 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 reigniting the war.
Both sides are fully aware of the boundaries, and they are carefully navigating along them. However, the situation could change dramatically with the loss of even one more American soldier.
Any further escalation of the situation in the Middle East would likely spell disaster for crypto, possibly serving as the catalyst for the next leg down, which many believe is toward $50,000.
JUST IN: Trump just drew a hard line with Iran.
He made it crystal clear: sign the deal or face the other way.
Missiles flying over Kuwait, drones active in the Gulf, and an FBI arrest in California show things are escalating fast.
This isn’t soft diplomacy. It’s a… pic.twitter.com/k1ENwMwsRG
— Commentary Donald J. Trump Posts From Truth Social (@TrumpDailyPosts) June 4, 2026
$1.6Bn in Fresh Liquidations as Bitcoin USD Taps $61,000 Overnight
In other crypto news today, Bitcoin dropped to $61,000 overnight, triggering a fresh wave of liquidations across the market, with over $1.6Bn wiped out, over $1.3Bn of that from long positions.
BTC USD accounts for over $740M of that liquidation figure, with ETH next at $382M. Solana is the next largest culprit behind the number, with more than $85M in positions liquidated overnight.
Until traders stop longing every dip, liquidations will likely continue, as these positions are fuelling each crash. Funding will need to reset before a bottom can be found, and until then, calls for $50K Bitcoin will continue to be heard.
Tom Lee and Michael Saylor in a Race to Who Reaches -$10Bn PnL First
It wasn’t long ago that Michael Saylor and Strategy were seen as the messiahs of crypto, with the firm’s Treasury Strategy seen as bullish for the market and spawning copycat companies.
However, in the past few days, Saylor has gone back on his ‘never sell’ mantra, selling 32 BTC, prompting fear across the crypto market, with many believing this could be a test sell 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 around 4% in yield.
That hasn’t stopped Bitmine from racking up an unrealized loss of over $8.9Bn, while Saylor and Strategy sit on around $8.3Bn in unrealized losses. It seems the two are now on a collision course toward $10Bn, which could spell disaster for both firms, their respective share prices, and raise concerns that they may begin offloading BTC and ETH in large quantities. This would be one of the more worrying pieces of crypto news, if and when it becomes a reality.
Saylor unrealized loss: -$8,342,000,000
Tom Lee unrealized loss: -$8,945,000,000
They went from competing in "who buys more" to "who's down more." pic.twitter.com/1VTx6n7LLa
— Ted (@TedPillows) June 3, 2026
Charles Hoskinson just seemingly put the nail in the coffin for Cardano. ADA is trading at $0.195 this morning, down nearly -10% over the past 24 hours, making it one of the worst major-cap performers today. And the man who built Cardano has publicly distanced himself from any responsibility for fixing it.
In an impassioned YouTube monologue this week, Hoskinson warned that the collapse of Cardano analytics firm TapTools is just the beginning. “There’s 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 roughly -93% from its all-time high of $3.09.
Read the full story here.
The post Crypto News Today (June 4): BTC Taps $61K Overnight as Liquidations Pile Up appeared first on 99Bitcoins.
