Your day-ahead look for June 5, 2026
By Shaurya Malwa|Edited by Sheldon Reback Jun 5, 2026, 11:25 a.m. 3 min readMake preferred onWhat to know:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Data from Santiment reveals that bitcoin BTC$61,968.17 sentiment has recently been at its highest when prices peak and at its lowest during price declines, covering the period from May 21 to June 4.
The highest level of bullish sentiment was observed on May 22 when bitcoin approached its peak price of $78,000. Conversely, the lowest sentiment was recorded on June 3 when bitcoin was near its low. While sentiment doesn't predict timing, the pattern of strong belief at highs and fear at lows typically indicates an opposite trading outcome.
Currently, bitcoin is trading around $62,400, reflecting a 20% decrease from the peak seen in late May. This decline has also contributed to a shift in the risk landscape.
Investment in AI companies, which had propelled global equities to new heights this year, has slowed following Broadcom's disappointing chip forecast. The South Korean KOSPI index dropped 4.7%, with both the won and Indonesia's rupiah hitting multiyear lows as capital exits emerging markets in Asia.
On Thursday, U.S. spot bitcoin ETFs ended a 13-day outflow trend, which saw $4.4 billion withdrawn, with a modest inflow of $3.05 million. Spot ether ETFs also saw their 17-session outflow end with $19.30 million on the same day. However, these inflow amounts are relatively insignificant compared to the previous outflows.
The upcoming U.S. nonfarm payrolls report due at 8:30 a.m. ET is a key event to watch. A weaker report could renew expectations for interest rate cuts from the Federal Reserve under new Chair Kevin Warsh, boosting risk assets, while a strong report might trigger further declines.
Additionally, observe bitcoin's behavior around the $60,000 mark if it approaches that level before the payroll data is released. Stay vigilant!
Read more: For insights into today's altcoin and derivatives activity, see Crypto Markets Today. For a detailed list of events this week, check CoinDesk's "Crypto Week Ahead."
What’s trending
- Zcash plummets 38% as Shielded Labs reveals a major bug that went undetected for four years (CoinDesk): A significant vulnerability was disclosed by Shielded Labs on X, which, if exploited, could have allowed for the creation of an unlimited number of counterfeit ZEC tokens without detection.
- JPMorgan, Bank of America, Citi to start blockchain offensive with shared tokenized network (CoinDesk): Major U.S. banks are set to establish a shared, tokenized deposit network by mid-2027 to safeguard their deposits against the risks posed by stablecoins.
- Bitcoin and ether ETFs end record multi-billion outflow streak (CoinDesk): U.S. spot bitcoin ETFs reported a net inflow of $3.05 million on Wednesday, concluding a 13-day period of redemptions totaling approximately $4.4 billion, while ether ETFs ended a 17-day outflow streak with $19.30 million, all directed into BlackRock's ETHA.
- U.S. and Iran show little progress in talks after week of clashes (Bloomberg): Negotiations between the U.S. and Iran regarding an interim peace deal encountered setbacks this week, with both sides experiencing their most significant clashes since a ceasefire began in April, and tensions escalating in Lebanon.
Today’s signal
The chart illustrates weekly fluctuations in bitcoin's market capitalization compared to an index of altcoins, excluding the top ten tokens.
Bitcoin has lagged behind for several weeks as the altcoin index has strengthened, and the ratio has recently approached a resistance level that has been in place for over a year.
If declines in zcash, hyperliquid, and near persist, the likelihood of further drops increases.
Crypto Daybook AmericasMore For You
Standard Chartered's three 'Ifs' that stand between bitcoin and a market low
By Omkar Godbole|Edited by Sheldon RebackJun 4, 2026Your day-ahead look for June 4, 2026
What to know:
This is an excerpt from CoinDesk newsletter 'Daybook.' Sign up here, if you haven't already.
Read full storyLatest Crypto News