NEW YORK / Cryptowire / — Bitcoin fell 4 percent on Wednesday to $64,721.39, its lowest level since February 28, extending a sharp retreat in the world’s largest cryptocurrency by market value. The move placed bitcoin back near levels last seen during the late winter selloff and added to renewed pressure across digital asset trading, where major tokens have recorded broad declines over recent sessions.
The slide continued into Thursday’s market session, with bitcoin recently quoted near $64,092 after trading between an intraday low of $61,503 and a high of $67,391. The price action showed a wide daily range for the asset, which remains one of the most actively traded cryptocurrency benchmarks globally. Ether and other large digital assets also weakened as market volatility increased across crypto spot and derivatives venues.
Bitcoin’s latest decline followed a stretch of selling across digital asset investment products. CoinShares reported that bitcoin products recorded $1.438 billion in weekly outflows in the week ended June 1, the largest weekly bitcoin outflow of 2026. The same report said global digital asset investment products registered $1.67 billion in outflows, marking a third consecutive negative week for the category.
Fund outflows deepen
U.S.-listed spot bitcoin exchange traded funds have also recorded withdrawals, with about $2.8 billion in net outflows over nine consecutive trading sessions through May 28, according to market data compiled for the funds. The streak was the longest run of outflows since the products began trading in January 2024 and added another measure of institutional selling pressure in the bitcoin market.
Corporate activity has also been part of the recent market backdrop. Strategy, formerly known as MicroStrategy and one of the largest corporate holders of bitcoin, disclosed that it sold 32 bitcoins between May 26 and May 31 for about $2.5 million at an average net price of $77,135 per coin. The company still held 843,706 bitcoins as of May 31, according to its disclosure.
Volatility spreads across crypto
Leveraged trading added to the scale of the market move. Crypto liquidation data showed more than $1 billion in positions closed over a 24 hour period as prices moved sharply, with long positions accounting for a large share of forced selling. Liquidations occur when exchanges close leveraged trades after collateral falls below required levels, amplifying price moves during fast declines.
The fall in bitcoin came alongside weaker risk appetite in broader financial markets, where the U.S. dollar strengthened and Treasury yields remained elevated. Bitcoin has traded well below its 2025 peak above $126,000 and has remained volatile through 2026, with repeated swings around major price levels. Wednesday’s drop to a three month low underscored the renewed pressure facing digital assets after a series of fund outflows and rapid intraday moves.