Bitcoin Below Pre-War Support, Crypto Cap Hits $2.18T
Bitcoin fell under $62K and Ether lost $1,750 as crypto cap slid to $2.18T. A tenth ETF-outflow day, MicroStrategy rumors and Fed pressure deepened the rout.
The Floor Gives Way
Bitcoin opened Thursday at $64,039 and ground down to $62,258 by the early US session — its first print below the pre-war level that had held the tape for weeks. Ether tracked it lower, slipping under the psychological line to $1,741 after opening above $1,810. Across the board, total crypto market cap fell to $2.18 trillion, the lowest since the February lows and roughly 48% below the cycle peak of $4.2 trillion.
Three Forces Pulling at Once
This isn't a single shock — it's three weights stacked on top of each other. First, US spot Bitcoin ETFs bled for a tenth straight trading day, with cumulative net outflows north of 40,000 BTC, or about $3 billion. The institutional bid that powered the rally is leaving in an orderly but relentless line.
Second, since June 1 the tape has been chewing on rumors that MicroStrategy sold Bitcoin for the first time in years. Nothing is confirmed — but the mere prospect of the largest corporate holder turning seller is enough, in a thin market, to keep buyers on the sidelines.
Third, the macro backdrop is heavy. The US–Iran standoff is keeping inflation fears alive and pushing expected Fed cuts further out.
The Fed Is Still the Chokepoint
The market is pricing June as a non-event: odds the Fed leaves the 3.50%–3.75% band untouched sit at 99.4%. Resilient labor data backs that up — April job openings jumped to their highest in nearly two years. As long as real yields stay elevated, risk assets have no tailwind. The release valve is geopolitical: President Trump signaled a memorandum of understanding with Iran to reopen the Strait of Hormuz could land as soon as next week.
What Traders Are Watching
With the pre-war level gone, the last technical floor is behind us. The next serious shelf sits around the February lows, and thin volume leaves the path there wide open. A bottom needs two tells: an ETF session that prints net inflows, and a clean denial of the MicroStrategy rumor. Until then, every bounce is guilty until proven otherwise.