The crypto market is down over 4% today, and Bitcoin has dipped over 13% this week. It is trading at $63k. Military exchanges between the U.S. and Iran triggered a broad risk-off reaction across financial markets on June 3–4.  The initial drop caused large liquidations, with $760.35 million in BTC positions forcibly closed in 24 hours, 85% of which were bullish longs. Also, spot Bitcoin ETFs extended a streak of net outflows, showing institutions are de-risking.