Bitcoin falls below $63,000 as risk assets sell off and the week's bounce fades
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin slipped below $63,000 on Friday, trading around $62,700 — down 1.9% over 24 hours and 1.3% on the week — as the rally tied to the US-Iran peace deal faded in holiday-thinned trading.
- The sell-off was broad across major tokens: ether fell 2.3% to $1,695, XRP dropped 3.2% to $1.13, solana lost 3.2% to $69, and BNB fell 2.7%; Hyperliquid's HYPE slid 3.7% on the day but remains the week's best major performer at +13.2%.
- Brent crude fell about 9% on the week to roughly $79 a barrel as shipping through the Strait of Hormuz returned to normal under the signed US-Iran deal, while Vice President JD Vance said a 60-day clock to settle the deal's nuclear-program details has started.
- Chart watchers warn a break below the $59,000–$60,000 range would mark a deeper sell-off phase, with some traders pointing to $45,000 as the next downside target.
- Michael Egorov, founder of Curve Finance, told CoinDesk that spot bitcoin ETFs approved just before the 2024 halving reshaped flows by pulling in institutional demand that once went to altcoins, warning builders they "should not really count on any altseason for at least 3 more years."
- In May, combined crypto exchange volumes fell 3.45% to $4.41 trillion — the lowest since September 2024 — while RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters: The US-Iran deal removed a key tail risk — oil down 9%, Hormuz shipping normal — yet Bitcoin still failed to hold $63K, suggesting the week's bounce exhausted itself. With spot ETFs reshaping demand since the 2024 halving and Egorov warning of a three-year altseason drought, capital is consolidating in bitcoin and revenue-backed tokens rather than the speculative long tail.
