Bitcoin has continued to trend downward recently. On June 3, during intraday trading, it briefly fell to $66,123, marking a two-month low. In the same period, Ethereum dropped to $1,837, its lowest in three months. At present, the BTC price is down about 44% from its historical high of $126,198 in October 2025. Since the beginning of the year, its gain has been only about 8%, while gold has risen 18% and the Nasdaq has increased by 12% over the same period.

This round of decline is not caused by a single “black swan” event, but by a combination of multiple negative factors:

· Ongoing ETF fund outflows: Spot Bitcoin ETFs have recorded net outflows for 11 consecutive trading days, totaling approximately $3.45 billion, the longest redemption streak since they were listed. Net outflows in May alone were $2.3 billion, the largest monthly outflow of the year.
· Strategy breaks the “never sell” convention: Strategy, the world’s largest corporate Bitcoin holder (formerly MicroStrategy), sold 32 Bitcoins for the first time in about three and a half years; the psychological impact is far greater than the actual number.
· Tightening macro liquidity: The market assigns a 99.4% probability that the FOMC will keep interest rates unchanged in June. After the appointment of the new Federal Reserve Chair Kevin Warsh, the high-rate environment has persisted, weighing on risk assets.
· AI-sector capital “siphoning”: Anthropic has secretly filed for an IPO (valuation around $965 billion). The AI infrastructure investment boom has attracted large amounts of institutional capital to pull out from the crypto market.

II. Is This the Time to Buy the Dip?

In the short term, the market faces multiple headwinds. The core bearish logic is that Bitcoin is neither the best safe-haven asset (gold and energy stocks are better), nor the best growth asset (AI-related targets are better), and it is no longer the only crypto asset—capital has more places to go, and scarcity by itself can no longer guarantee price gains.

In addition, ahead of the FOMC meeting on June 16–17, risk-off sentiment may still continue, and the deleveraging process has not yet been finished. From a technical perspective, BTC’s next major support level is at $64,000. If it breaks, it could open the way to a $60,000 range.

But from a structural standpoint, Bitcoin’s fundamentals have not changed: network hash rate is near historical highs, the supply cap of 21 million coins remains unchanged, and innovation in layer-two scaling solutions is still ongoing. Historically, Bitcoin ultimately hits new highs in every cycle. If history repeats, the next up-cycle could begin around late 2026 or early 2027.

At present, it is more suitable to take a cautious, staged approach rather than going all-in at once. It is recommended to watch whether the $65,000–$66,000 range can form effective support.

III. Coins That Rise Against the Trend and Resist Declines

ZEC

During this round of market volatility, the most eye-catching contrarian, on June 3 it touched $628 intraday, and its market cap briefly jumped to the 11th position in the crypto market. Key driving factors include: the SEC closing its investigation into the Zcash Foundation and not taking enforcement action, clearing compliance barriers; Grayscale has applied to convert its Zcash trust into a spot ETF, which could become the first privacy coin ETF in the United States; and the NU7 network upgrade is about to begin.

HYPE

Hyperliquid (HYPE) made a record high of $75.51 amid the broad market selloff. Over the past week, it is up about 15%, and its market cap is approximately $15.9 billion, surpassing Dogecoin to enter the top ten. The rally is supported by fundamentals—its daily fee revenue has already surpassed Aave and Polymarket, ranking second only to Pumpfun in the DeFi space.

Other resilient coins

· Humanity (H): surged by about 81% in a single day
· LAB: up about 52%
· Worldcoin (WLD): up about 13%
· ONDO, DEXE: remained relatively strong during Bitcoin’s sharp drop
· XLM: driven by a positive catalyst after DTCC announced integration with its public chain; it broke out on higher volume, and the funding rate turned negative, forming a bullish signal

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BTC-3.54%

ETH-5.44%

XAU-1.53%

NAS1000.78%

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