BTC hits $62,400 as sentiment flips — NFP is the next…

Bitcoin is trading near $62,400, down roughly 20% from its late-May peak of $78,000, after sentiment data showed peak bullishness on May 22 near the highs and peak bearishness on June 3 near the lows — the classic inverse of where contrarian trades pay. The pattern is a signal worth watching, though sentiment alone is not a timing tool.

Why it matters

The macro backdrop has deteriorated alongside the crypto selloff. The AI-driven equity rally that carried global markets to record highs has stalled after Broadcom's chip forecast missed expectations. South Korea's KOSPI dropped 4.7%, and the South Korean won and Indonesia's rupiah are at multiyear lows as capital exits emerging Asia. The risk-off move is broad, not crypto-specific, which makes a near-term reversal harder to sustain without a macro catalyst.

U.S. spot bitcoin ETFs snapped a 13-session, $4.4 billion outflow streak on Thursday with just $3.05 million in net inflows. Spot ether ETFs ended a 17-session streak with $19.30 million — all of it into BlackRock's ETHA. Both numbers are too small relative to the streaks they ended to signal a regime change.

Market impact

Friday's U.S. nonfarm payrolls report at 8:30 a.m. ET is the binary catalyst: a soft print revives Fed rate-cut expectations under new Chair Kevin Warsh and likely lifts risk assets, while a hot print could extend the unwind. The $60,000 round number is the level to watch on BTC before that data lands — how price behaves there will tell traders whether the bid is structural or simply a pause in the drawdown.