Despite a slight recovery, Bitcoin still grapples with a 9.5% decline over the past week, as U.S. stocks reach record highs and AI tokens gain traction, with Coinbase's Ethena integration drawing attention.
By Oliver Knight, Omkar Godbole|Edited by Sheldon Reback Jun 3, 2026, 10:41 a.m. 3 min readMake preferred on Bitcoin price (CoinDesk Data)Key Points:
- Bitcoin's recent 0.7% recovery on Wednesday does little to hide a 9.5% decline over the past week, placing it back in the trading range seen from February to April, despite U.S. stocks reaching new highs.
- Ethena (ENA) saw a remarkable surge of over 20% in just 24 hours after Coinbase announced its plans to incorporate certain features into a new savings product aimed at its 100 million users.
- The Altcoin Season indicator has reached 53/100, its highest since early March, although the Humanity Protocol (H) serves as a cautionary tale, having lost 25% of its value in one day due to profit-taking after a 200% weekly increase.
Bitcoin BTC$67,172.14 experienced a 0.7% uptick on Wednesday, yet it finds itself at a pivotal moment following a 9.5% drop since Sunday.
The leading cryptocurrency is currently trading around $67,000, solidly within the range it occupied from February to April, following a failed breakout attempt past $81,000 last month.
A decline below $60,000 could lead to a wave of liquidations and a potential drop to around $54,000, a significant support level from 2024 and 2021.
In contrast, Ether (ETH) is trading at $1,870, having risen 0.9% since midnight UTC, though this rebound follows a selloff that pushed it to its lowest levels since February.
The U.S. stock market achieved new record highs on Tuesday, causing concern among some crypto investors as the two asset classes have typically moved together.
AI crypto tokens have continued to outperform their counterparts, with NEAR, RENDER, and FET all rising approximately 9% on Wednesday after Tuesday's broader market decline.
Derivatives Market Insights
- In the last 24 hours, over $1.7 billion in leveraged crypto futures positions were liquidated, doubling the amount from the previous day.
- The majority of liquidated positions were bullish long bets after Bitcoin fell to $65,500 earlier today. Trading volume surged by 27% to nearly $300 million, while total industry open interest (OI) fell just over 2%.
- This combination of significant liquidations and decreasing open interest indicates a strong exit from leveraged bullish positions and a decrease in new leveraged investments.
- Open interest in Bitcoin futures remains at record levels, exceeding 800K BTC, increasing for the third consecutive day despite falling spot prices, reinforcing the downward trend and suggesting new bearish positions are being initiated.
- The cumulative volume delta adjusted for open interest over the past week is negative, indicating that bears are driving price action by actively shorting rather than using passive limit orders.
- Most major tokens, including ETH, ADA, SUI, XRP, and SOL, also show negative cumulative volume deltas over both seven days and 24 hours, indicating bearish sentiment across the market. Funding rates for these tokens are slightly positive to slightly negative, suggesting that the bearish side is not overcrowded and could accommodate further declines.
- However, open interest in ZEC futures has risen for the third straight day to 2.43 million ZEC, as the token has gained 6.3% over the past week, standing out from the general market trend. ZEC also shows a positive 24-hour cumulative volume delta alongside HYPE, indicating bullish sentiment.
- Fear is beginning to resurface. The 30-day implied volatility indices for BTC and ETH (BVIV and EVIV) surged sharply on Tuesday, marking their largest single-day increases since the crash on February 5. Continued rises in these measures could signal more market distress ahead.
- Options trading on Deribit indicates a growing demand for downside protection, with the one-week put-call skew rising to nearly 20% early today, reflecting heightened interest in put options. The most actively traded options in the past 24 hours were the $70K put expiring on June 5 and the $55K put expiring on June 26.
- In block trades, BTC call spreads and ETH put spreads emerged as the preferred strategies.
Token Highlights
- Ethena (ENA) stands out as one of the top altcoins on Wednesday, rising 9.3% since midnight UTC and more than 20% in 24 hours following Coinbase's announcement of its integration into a new savings product.
- Zcash (ZEC), a privacy coin, has gained 2% since midnight and 12% over the last 24 hours as it seeks to distance itself from the broader market downturn.
- CoinMarketCap's "Altcoin Season" indicator has reached 53/100, the highest level since early March, reflecting continued investor interest in high-risk altcoins despite weakness among major cryptocurrencies.
- The Humanity Protocol (H) appears to be undergoing a corrective phase as it lost a quarter of its value in a day following a 200% surge in the previous week, with significant profit-taking evident. Daily trading volume has decreased by 55% to $314 million.
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Prediction Market Traders Anticipate Further Declines in Bitcoin
By Sam Reynolds|Edited by Omkar Godbole4 hours agoMarkets now suggest a 66% probability that Bitcoin will drop below $55,000 and a near-even chance it could fall below $50,000 by the year's end.
Key Insights:
- Prediction market participants perceive a significant likelihood of Bitcoin falling below $55,000 this year, with substantial chances of it dropping under $40,000.
- Heavy withdrawals from U.S. Bitcoin ETFs and a growing preference for high-performing AI stocks are exerting pressure on Bitcoin, which has recently dipped toward $65,000.
- While traders are increasingly bearish...