Bitcoin fell to an intraday low of $65,710 on June 3, 2026, after dropping more than 6% over the past 24 hours, pressured by massive outflows from spot Bitcoin exchange-traded funds ranging between $2.8 billion and $3.5 billion, as well as a Bitcoin sale by Strategy, one of the cryptocurrency’s most prominent institutional buyers since 2020.

The selling pressure triggered $1.8 billion in liquidations within a single day, the highest level since February 2026, with long positions accounting for approximately $1.35 billion of the total liquidations.

The move pushed Bitcoin to its lowest level in several weeks, placing the cryptocurrency near the key technical support level of $65,000, which traders view as a critical threshold before a potential test of the $60,000 level.

Unlike previous sharp ETF outflow episodes, the current streak of withdrawals has persisted for 10 to 11 consecutive days, reflecting broad institutional selling that has gradually weakened market conditions.

Record ETF outflows

Total net outflows from US spot Bitcoin ETFs reached between $2.8 billion and $3.5 billion over a period of 10 to 11 consecutive redemption sessions.

This marks the longest streak of withdrawals since the launch of these funds in January 2024 and has pushed year-to-date flows into negative territory.

Simultaneous redemptions from major funds such as iShares Bitcoin Trust, Fidelity’s FBTC, Grayscale’s GBTC, and ARKB suggest a broad institutional risk-reduction strategy rather than issues specific to any individual fund.

The iShares Bitcoin Trust, which holds the largest share of assets among US spot Bitcoin ETFs, has typically recorded the largest dollar-denominated outflows during such periods.

The trend has also appeared globally, with European crypto investment products recording approximately $1.67 billion in outflows during the week of May 25–29, highlighting a broader reassessment of institutional exposure to digital assets.

Strategy sale raises concerns about the future of its holding strategy

Meanwhile, Strategy’s recent sale of 32 Bitcoin at an average price of roughly $77,135, generating about $2.5 million, represented less than 0.004% of the company’s $60 billion Bitcoin reserve.

Despite the small size of the transaction, its impact on market sentiment was significant.

Since 2020, Strategy has been one of Bitcoin’s strongest corporate supporters through continuous accumulation. However, the shift toward selling—particularly following comments by Michael Saylor about the possibility of liquidating a portion of holdings to fund dividend payments—introduced a new layer of uncertainty into the market.

Following the news, Strategy shares fell about 6% amid concerns that the company’s long-standing “never sell” philosophy may be weakening, potentially increasing future Bitcoin supply.

Market participants believe that perception contributed to Bitcoin’s accelerated decline toward the $65,710 level, as the transaction was viewed as a possible signal of future actions involving the company’s cryptocurrency reserves.

Oil prices rose on Wednesday, extending gains from the previous session as military confrontations in the Middle East intensified and talks between Tehran and Washington remained deadlocked with little sign of progress.

During trading, Brent crude futures climbed $2.30, or 2.4%, to $98.30 per barrel by 08:41 GMT.

US West Texas Intermediate crude also advanced $2.34, or 2.5%, to $96.10 per barrel.

Earlier in the session, Brent reached its highest level since May 27, while WTI touched its strongest level since May 22.

Iran launches missiles, US responds with strikes

Iran launched ballistic missiles toward both Kuwait and Bahrain, while US forces carried out strikes on Iran’s Qeshm Island.

At the same time, diplomatic talks between Iran and the United States remain stalled, keeping market sentiment cautious and pessimistic.

IEA warning supports prices

Oil prices also found support after the International Energy Agency warned that global oil inventories could fall to critically low levels ahead of peak summer demand if current stock drawdowns continue.

“The stalemate in US-Iran negotiations and the IEA’s warning about global inventories falling to critical levels are adding further risk premiums to already elevated oil prices,” said Emril Jamil, Senior Oil Analyst at London Stock Exchange Group.

US inventories fall for a seventh straight week

In the United States, data from the American Petroleum Institute, cited by market sources, showed that US crude inventories declined for a seventh consecutive week last week.

According to the sources, crude stockpiles fell by 6.8 million barrels during the week ended May 29.

The market is now awaiting official US government inventory data, due later on Wednesday.

Renewed strength in the US dollar pushed the Japanese yen back toward the critical 160-per-dollar level on Wednesday, prompting verbal warnings from Japanese officials and keeping traders on alert for possible intervention in the currency market, while fresh military developments in the Gulf boosted demand for the dollar as a safe-haven asset.

Renewed clashes in the Middle East

The United States said Iran launched ballistic missiles toward neighboring countries in the region, though no targets were hit, adding that US forces carried out strikes on Qeshm Island in response.

At the same time, diplomatic talks between Iran and the United States remain stalled, keeping a cautious mood across financial markets. The dollar typically benefits during periods of escalating regional tensions due to its safe-haven status and the relatively lower sensitivity of the US economy to energy-price shocks. In contrast, the yen tends to weaken when oil prices rise because of Japan’s heavy dependence on energy imports.

The critical level

The yen fell to the 160-per-dollar level on Wednesday, a threshold closely watched by markets after Japanese authorities previously intervened around that area. The decline erased gains achieved following Tokyo’s intervention last month, when authorities spent JPY11.7 trillion, equivalent to roughly $73 billion, to support the struggling currency.

Japanese Prime Minister Sanae Takaichi later said authorities stand ready to act and respond to foreign-exchange movements when necessary.

Following her remarks, the dollar eased slightly to JPY159.66.

“Terms-of-trade shock is the biggest factor weighing on the yen,” said Gustav Helgesson, macro strategist at SEB.

“If the Strait of Hormuz is reopened, I would expect some of the pressure driving yen weakness to fade,” he added.

Bank of Japan Governor Kazuo Ueda was scheduled to deliver a closely watched speech later on Wednesday, with investors looking for clues regarding the likelihood of an interest-rate increase in June.

Global currencies remain range-bound

Across broader currency markets, movements remained relatively subdued.

The euro slipped 0.1% to $1.1620, while sterling was little changed at $1.3460.

Data released on Tuesday showed eurozone inflation accelerated further last month, driven by higher energy and services costs, strengthening expectations that the European Central Bank will raise interest rates later this month.

The prolonged conflict in the Middle East and persistently elevated energy prices have led investors to increase bets on tighter monetary policy from major central banks this year, marking a sharp shift from the rate-cut expectations that dominated before the conflict began.

The Dollar Index, which tracks the US currency against a basket of major currencies, held steady at 99.29.

US labor market data in focus

US data released on Tuesday showed job openings rose at the fastest pace in five years during April, although the surge may overstate the underlying strength of the labor market.

Private-sector employment data is due later on Wednesday, ahead of Friday’s closely watched Nonfarm Payrolls report.

“The Nonfarm Payrolls report could be very important for the dollar,” said Helgesson of SEB.

“It could push the Federal Reserve further away from an easing bias and toward thinking about raising interest rates. I believe this could mark the beginning of a shift in market sentiment toward the dollar.”

Markets are currently pricing in roughly 18 basis points of US rate increases by December, with a full quarter-point hike priced in by March next year.

Swiss franc weakens as markets reassess positions

Elsewhere, the Swiss franc edged lower against both the dollar and the euro.

“Last year, the Swiss franc appeared to be one of the biggest beneficiaries, alongside gold and Bitcoin, of the dollar-debasement narrative,” said Chris Turner, Global Head of Markets at ING.

“But if markets become more confident that the Federal Reserve could actually move toward raising rates, we may see further unwinding of those dollar-bearish positions,” he added.

Gold prices fell by more than 1% in European trading on Wednesday and are on track for a second loss in three sessions, pressured by renewed military tensions between the United States and Iran, which pushed both the US dollar and oil prices higher across global markets.

Investors are awaiting additional key US labor market data in order to reassess expectations for the future path of Federal Reserve interest rates.

The Price

• Gold prices today: Gold fell 1.1% to $4,440.35 per ounce, from an opening level of $4,489.02, after reaching an intraday high of $4,496.76.

• At Tuesday’s settlement, gold posted a modest gain of 0.1%, after losing 1.2% in the previous session amid corrective selling and profit-taking from a two-week high of $4,595.33 per ounce.

US dollar

The US Dollar Index rose nearly 0.2% on Wednesday, extending gains for a third consecutive session and reflecting continued strength in the US currency against a basket of global currencies.

As is well known, a stronger dollar makes dollar-denominated gold less attractive to holders of other currencies.

The dollar’s advance comes amid heightened caution in financial markets, with investors reducing risk exposure following renewed military strikes between the United States and Iran and awaiting the outcome of ongoing peace negotiations aimed at ending the conflict and reopening the Strait of Hormuz.

Global oil prices

Oil prices rose by more than 3% on Wednesday, extending gains for a third consecutive session amid renewed Middle East tensions and concerns that the Strait of Hormuz could remain closed.

Developments in the Iran conflict

• The US military announced that Iranian missile attacks targeting Bahrain, Kuwait, and other regional targets had either failed or been intercepted.

• US President Donald Trump said he believes a framework agreement with Iran to extend the ceasefire could be reached within the coming week.

• Iran confirmed that it is still reviewing the final draft proposal and has not yet submitted its official response to the United States.

• US Secretary of State Marco Rubio stated that Iran has agreed to discuss aspects of its nuclear program that it had previously refused to negotiate.

• The United States continues to insist that sanctions relief will not be granted solely in exchange for reopening the Strait of Hormuz and must be tied to broader issues such as Iran’s nuclear program.

US interest rates

• Cleveland Federal Reserve President Beth Hammack said on Tuesday that the US central bank may need to raise interest rates soon if already elevated inflationary pressures continue to intensify.

• According to the CME FedWatch Tool, market pricing for a Federal Reserve rate hike at the December meeting increased from 35% to 58%.

• Markets continue to price a 98% probability that interest rates will remain unchanged at the June meeting, while the probability of a 25-basis-point rate cut stands at 2%.

• To reassess these expectations, investors will closely monitor upcoming US economic data and comments from Federal Reserve officials.

• ADP private-sector employment data for May will be released later today, weekly jobless claims are due on Thursday, and the official May employment report will be released on Friday.

Outlook for gold

Kelvin Wong, Senior Market Analyst for Asia-Pacific at OANDA, said: “The market is now looking at the possibility that the ceasefire with Iran may not hold, despite Trump’s efforts to secure a peace agreement.”

Wong added: “If we see further escalation, it could undermine any potential recovery in gold prices.”

SPDR Gold Trust

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, declined by 0.86 metric tons on Tuesday, marking a fourth consecutive daily decline. Total holdings fell to 1,028.00 metric tons, the lowest level since October 15, 2025.