Bitcoin fell to about US$63,000 early on June 4, its lowest level since February 24, as the crypto selloff deepened.

Investors kept pulling money from US-listed spot bitcoin exchange-traded funds (ETFs).

The token was down more than 14% for the week and 21% over four weeks, while the 30-day implied volatility index BVIV rose to 53.17, its highest level since April 2.

US-listed spot bitcoin ETFs recorded about US$50 million in outflows on June 3, extending the streak to 13 trading days.

Other market estimates put cumulative withdrawals from US spot bitcoin ETFs at US$2.8 billion to US$3.5 billion over 10 to 11 sessions.

The streak marks the longest run of outflows since the products launched and has pushed year-to-date flows into negative territory.

Paul Howard, senior director at liquidity provider Wincent, said traders were discussing US$50,000 as a possible bottom for bitcoin this year.

Analysts at Material Indicators said the low US$60,000 region was an important area to watch.

🔗 Source: CoinDesk