Key Takeaways

• Bitcoin near 4-month low: The world’s largest crypto fell 3.9% to $61,524.0 — its weakest level in nearly four months.
• 16% weekly crash: Bitcoin is on track for its worst week in months amid relentless institutional selling.
• ETF outflows mount: Bitcoin ETFs shed $1.4 billion this week — the fourth consecutive week of over $1 billion in outflows, per SoSoValue.
• Strategy’s sale spooks markets: Top corporate Bitcoin holder Strategy disclosed selling some of its holdings earlier this week.
• Iran war the root cause: Renewed U.S.-Iran military exchanges and reports of Iran halting indirect negotiations drove risk-aversion.
• AI stocks winning the battle: Investors are increasingly rotating from non-yielding crypto assets into AI stocks.
• IPO anticipation pulls capital: Massive upcoming IPOs from SpaceX, OpenAI, and Anthropic are drawing institutional attention toward AI.
• Retail abandons Bitcoin: Coinbase premium index shows Bitcoin trading at a deep discount to global average prices, signaling weak U.S. retail demand.
• Ether crashes 7.6%: The world’s second-largest crypto fell to $1,654.57 — a 14-month low — and is down nearly 18% on the week.
• XRP tumbles 6%: Down nearly 17% on the week.
• Cardano collapses 18%: Hits over a five-year low.
• Solana sinks 7.4%: BNB fell 4.4%.
• Memecoins obliterated: Dogecoin dropped 7%; $TRUMP slid 10%.
• NFP data the next test: May nonfarm payrolls due later Friday for U.S. economic and rate cues.

Bitcoin fell near a four-month low on Friday and was headed for a deep weekly decline as extended institutional selling — amid persistent concerns over the Iran war — saw traders steer clear of cryptocurrencies.

The world’s largest crypto extended losses after top corporate Bitcoin holder Strategy disclosed it had sold some of its holdings earlier this week. A broader shift toward artificial intelligence stocks also spurred losses across crypto markets.

Bitcoin fell 3.9% to $61,524.0 by 02:26 ET (06:26 GMT).

Bitcoin Set for Deep Weekly Loss Amid Heavy ETF Outflows

Bitcoin was set to lose over 16% this week amid pressure from continued institutional selling — directed mainly at spot exchange-traded funds.

Bitcoin ETFs were nursing an outflow of $1.4 billion this week — their fourth consecutive week of over $1 billion in outflows, data from SoSoValue showed.

Institutional selling came amid heightened broader risk-aversion spurred chiefly by uncertainty over the U.S.-Iran war. Military action between the two restarted over the past week, while reports showed Iran halting indirect negotiations with the United States.

Institutional selling was also partly driven by investors increasingly favoring AI stocks over non-yielding crypto assets. Anticipation of bumper initial public offerings from SpaceX, OpenAI, and Anthropic also drummed up enthusiasm for the AI sector at crypto’s expense.

Beyond institutional selling, retail investors also appeared to be largely averse toward Bitcoin. Coinglass’ Bitcoin Coinbase Premium Index — which measures Bitcoin’s spot price on the biggest U.S. exchange compared with the global average — showed the crypto trading at a deep discount.

Crypto Price Today: Altcoins Collapse Across the Board

Broader crypto prices tumbled on Friday, tracking declines in Bitcoin amid few positive signals for the sector.

Declines in risk-driven markets also kept investors largely averse toward cryptocurrencies, with market focus turning to upcoming nonfarm payrolls data for more cues on the U.S. economy.

Ether, the world’s second-largest cryptocurrency, slid 7.6% to $1,654.57 — hitting a 14-month low — and was down nearly 18% on the week.

XRP fell 6% to $1.1169, down nearly 17% on the week.

Solana fell 7.4%, while Cardano slumped over 18% on Friday and hit an over five-year low. BNB fell 4.4%.

Among memecoins, Dogecoin dropped 7%, while $TRUMP slid 10%.