6-6-2025 – A tempest of selling battered cryptocurrency markets on June 5, with Bitcoin (BTC) plummeting to a low of $101,500, its steepest drop in over a month. The world’s pre-eminent digital currency, which later steadied around $102,000, has shed more than 8% since its recent zenith of nearly $112,000, raising fears of further declines should investor confidence continue to wane. As of the latest reports, Bitcoin traded at $101,900, down 2.87% for the day, with buyers struggling to anchor it above the six-figure mark.
The malaise was not confined to Bitcoin alone. Ethereum (ETH) slid to $2,423, a 7% retreat, while Solana (SOL) tumbled 5.3% to $145. BNB also faltered, dropping over 4.8% to $633, and Dogecoin (DOGE) shed more than 8%, hitting $0.179. XRP, meanwhile, declined roughly 4% to a low of $2.10, reflecting a broader market chill that mirrored sharp falls across global financial markets.
Several forces have conspired to sap the crypto sector’s momentum. Institutional appetite, a linchpin of Bitcoin’s recent surge to record highs, has waned, with spot Bitcoin ETF inflows cratering by 77% over the past week. Compounding this, on-chain data reveals a surge in profit-taking by major holders, who are capitalising on months of gains, exerting further downward pressure. Asset managers, wary of looming macroeconomic uncertainties, are also dialling back exposure to volatile assets like cryptocurrencies, citing the Federal Reserve’s uncertain next steps amid persistent inflation and elevated interest rates.
The broader economic landscape adds to the unease. Traders are bracing for forthcoming US jobs data and fresh Federal Reserve commentary, with a weaker-than-anticipated ADP private payrolls report—its feeblest in over two years—stoking fears of an economic slowdown. Geopolitical tensions and tariff concerns, alongside impending interest rate decisions from major central banks, have further dampened risk appetite, pushing investors towards cash as volatility spikes. In the crypto sphere, leveraged long positions have dwindled to their lowest since December, signalling a retreat even among the most bullish traders.
Should Bitcoin fail to hold the $100,000 threshold, market watchers warn of a potential slide towards $97,000 or below, marking a significant pullback from its 2025 peaks. For now, the crypto market treads a precarious path, caught between fading momentum and a turbulent global economic backdrop.
