Crypto majors tumble as ETFs see $1.4B outflows

Bitcoin, Ether and leading altcoins declined on Wednesday and into Thursday as crypto exchange-traded funds recorded roughly $1.4 billion in net outflows for the week. Bitcoin traded near $62,600 and Ether around $1,750 while Solana fell to about $68.40.

Several recent rally leaders posted larger losses. Zcash (ZEC) dropped about 12%, NEAR fell roughly 18% and VVV declined near 12% from local highs set earlier in the week. Hyperliquid’s HYPE slid to about $65.70 after reaching $75 earlier in the session.

The outflows extended a streak of ETF withdrawals. Bitcoin-focused ETFs recorded roughly $396 million in net redemptions on Wednesday and more than $1.4 billion for the week to date. Ether ETFs showed about $53 million in outflows on the same day.

Equity futures and commodity prices were also weaker during the sell-off. Nasdaq futures traded lower and crude oil prices were modestly down.

Arthur Hayes posted on social media that he sold his entire HYPE and NEAR positions ahead of what he expects to be a near-term market top. He cited higher energy prices tied to tensions involving Iran, inventory restocking, three large AI initial public offerings anticipated before early Q3, and potential political shifts on AI policy. “I just dumped my entire $HYPE and $NEAR position,” he wrote and said he will explain his rationale in an upcoming essay titled “Reality Test.”

Corporate filings and product launches accompanied the market moves. BitMine filed a preliminary prospectus to offer 3 million Series A perpetual preferred shares with a $100 stated value, seeking up to $300 million and proposing a 9.5% annual cash dividend. The filing notes plans to list the shares on the NYSE under ticker BMNP. The preferred structure is modeled on a similar product issued by another firm that recently traded below par after selling Bitcoin to meet dividend obligations. BitMine reported holdings of about 5.42 million ETH, said its staking operations generate more than $300 million in annual revenue, and stated the staking income would fund dividend payments. With Ether trading below $1,828, the firm is carrying unrealized losses relative to its average acquisition cost.

MoonPay introduced MoonAgents, a desktop application that connects AI coding models Claude and OpenAI’s Codex to crypto wallets and on-chain services so agents can execute trades and other actions on users’ behalf. MoonPay said private keys remain encrypted and stored locally and that using a hardware wallet adds an approval step before any transaction. The app includes prebuilt skills for routine tasks and automation for scheduled execution.

Law enforcement and security firms flagged a rise in crypto-related fraud ahead of the 2026 FIFA World Cup, which begins June 11. The FBI, the Los Angeles County Sheriff’s Department and cybersecurity firms identified AI-generated phishing sites and fake token promotions using FIFA branding. Malwarebytes’ global head of scam research advised caution: “Scammers love crypto. It helps them remain anonymous and it’s mostly impossible to reverse the transaction. If it has to do with crypto, just stop.”

Meme coins and many NFT collections also fell alongside major tokens. During the week, a collectible physical Casascius Bitcoin containing the private key to 25 BTC was redeemed and the associated wallet moved back on-chain. Grayscale launched a low-cost Hyperliquid ETF with a 0.15% fee during the same period.