Bitcoin Drops to $62,600 Amid Crypto Market Selloff; SpaceX IPO Eyed as Catalyst
Bitcoin slipped to around $62,600, down 1.1% on the day, as the broader crypto market faced selling pressure. The decline was driven by multiple factors: Japan's potential rate hike threatens the yen carry trade, reducing risk appetite; Tether's dominance surged to 9%, its largest weekly gain since March 2025, indicating capital rotation into stablecoins; and on-chain data shows 30-day MVRV turned negative for major tokens, historically a buy zone. However, ETF outflows persisted for 10 consecutive sessions through May 30, and US institutions were net sellers. Market maker Wintermute flagged SpaceX's June 12 IPO as a key catalyst for crypto, as it gauges retail risk appetite. Meanwhile, Sahara AI's token plunged 60% due to a pre-scheduled bridge contract fill, not a security issue. Bitcoin's 30-day implied volatility fell to 47%, signaling easing panic.
Key facts
- Bitcoin fell to $62,600, down 1.1%, near 24-hour low after rejecting $64,155.
- Tether dominance surged to 9%, largest weekly gain since March 2025, signaling risk aversion.
- 30-day MVRV turned negative for BTC, ETH, LINK, XRP, and ADA, with ADA labeled 'strong buy'.
- Wintermute says SpaceX IPO on June 12 is a key catalyst for crypto, testing retail risk appetite.
- Sahara AI token dropped 60% due to pre-scheduled Chainlink CCIP bridge fill, not security breach.