Crypto Majors Sell Off in Thursday Session as Bitcoin Slides to $63,084, Ether Breaks $1,750 Support

Crypto majors sold off broadly Thursday, with bitcoin sliding 2.2% to $63,084 and ether dropping 2.3% to $1,710 as Solana and XRP each shed roughly 3%. Stablecoin supply contracted by nearly $800 million across USDT and USDC, a move consistent with dry powder leaving the system rather than rotating into spot.

Market Overview

Thursday brought a coordinated risk-off session across the four majors. Bitcoin closed at $63,084, down 2.2% on the day and now -0.6% on the week, with ether sliding 2.3% to $1,710.39. Solana and XRP each fell roughly 3%, paring some of the stronger weekly gains those tokens had carried into the session. The selling was uniform across market cap tiers, which points to broad de-risking rather than a single-asset story.

Asset Price Analysis

Bitcoin's 2.2% slide takes it back toward the lower half of the recent range, though the 30-day picture is still constructive at +13.7%. The $63,000 handle is now the obvious near-term reference; a clean break below would reopen the May congestion zone.

Ether was the relative laggard on the week, down -3.7% ↓ over seven sessions and now trading with a $1,7xx handle that had served as support through early June. The asset's 30-day gain has compressed to +3.7%, materially behind bitcoin's +13.7% over the same window. The ETH/BTC pair continues to drift lower.

Solana fell 3.1% to $69.80 but remains the strongest major on a weekly basis at +9.2% ↑, with a 30-day return of +15.6% ↑ still leading the group. XRP gave back 3.0% to $1.15, though its 7-day and 30-day reads remain positive.

Stablecoin Pulse

Dry powder contracted on both major dollar tokens. USDT supply fell by -$441.8M ↓ to $185.9B, with USDC down -$345.2M ↓ to $74.6B, according to InflowScan data. A combined ~$787M reduction in aggregate stablecoin supply is consistent with redemptions on the day's weakness rather than fresh capital staging into spot. When stablecoin contraction coincides with broad-tape weakness, it has historically been associated with leverage being unwound rather than rotation.

ETF Flow Context (Prior Settled Session)

Issuer reports for Thursday's session have not yet settled. The most recent confirmed tape, for Wednesday, June 17, showed spot crypto ETFs registering -$98.0M ↓ in net outflows, according to InflowScan data — a backdrop that fed into today's price action rather than a result of it.

Wednesday's leaders and laggards:

FBTC (Fidelity): +$14.3M ↑
XRPZ (Franklin): +$5.3M ↑
MSBT (Morgan Stanley): +$4.1M ↑
ARKB (ARK Invest): -$44.2M ↓
IBIT (BlackRock): -$31.2M ↓
GBTC (Grayscale): -$15.8M ↓

The concentration of Wednesday's outflows in ARKB and IBIT — the two largest spot bitcoin vehicles by AUM — suggests size-driven repositioning. XRP coverage on the day was partial (8 of 9 funds reported, with XRPK still settling), so the asset-level XRP aggregate is preliminary. Thursday's full ETF tape will print in tomorrow's pre-market brief.

Outlook

Levels to watch into Friday's session: bitcoin's $63,000 handle is the immediate reference, with the recent range floor a few percent below. For ether, the $1,700 line now sits directly beneath spot; a failure to defend it would extend the underperformance versus bitcoin. The Thursday ETF tape, due to settle overnight, is the next concrete data point — a second consecutive day of outflows concentrated in the BTC majors would lend weight to the de-risking read, while a snap-back to inflows on weakness would point to dip-absorption by issuers' authorized participants. Stablecoin supply trajectory is the third anchor; another session of combined contraction would reinforce the leverage-unwind interpretation.