Analysis: Bitcoin falls to its lowest level since February as cryptocurrencies compete for liquidity with large IPOs.

CoinFeed reported on June 3rd, citing CNBC, that Bitcoin fell to its lowest level since February on Wednesday, hitting a low of $65,385, a drop of 2.3%. Funds are flowing from the crypto market to other asset classes. QCP stated that the fundamental issue is liquidity rotation. With the stock market continuing to outperform, the attention of both crypto-native investors and traditional asset managers is drawn to stronger stock narratives, and investors may be shifting funds from Bitcoin to the private market or IPOs like SpaceX, OpenAI, and Anthropic. BTIG technical strategist Jonathan Krinsky believes that Bitcoin needs to hold around $65,000, which is the last support level before testing the year-to-date low of $60,000.