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Several factors are contributing to the downturn in the crypto market today, June 2, 2025:

* Geopolitical Tensions and Macro Jitters: Rising US-China trade tensions and President Trump's announcement of tariff hikes on Chinese steel/aluminum have intensified broader macro jitters. This geopolitical uncertainty leads investors to move away from risk assets, including cryptocurrencies.

* Bitcoin Price Correction and Liquidations: Bitcoin has fallen below $104,000, triggering significant liquidations (over $600 million), marking the biggest drop since February. This indicates a flush-out of overleveraged positions.

* Spot Bitcoin ETF Outflows: Spot Bitcoin ETFs recorded $358 million in outflows, breaking a 10-day inflow streak. This institutional selling pressure adds to the bearish sentiment.

* Stalled US-China Trade Talks: The confirmation by US Treasury Secretary Scott Bessent that trade negotiations with China have stalled has dampened investor sentiment and triggered risk-off behavior across global markets.

* Technical Breakdown: The total crypto market cap breaking below the critical $3.35 trillion support level has triggered algorithmic selling and stop-loss orders, contributing to downward momentum.

* Regulatory Actions: While the SEC dropping its lawsuit against Binance is positive, other regulatory developments like Thailand blocking unlicensed exchanges and the Kurdistan region cracking down on crypto trading can also impact sentiment.

It's worth noting that despite the current downturn, there are still significant developments in the crypto space, such as major corporate moves into Bitcoin (e.g., Trump Media & Technology Group, GameStop, Paris Saint-Germain building Bitcoin treasuries) and Circle filing for a US IPO. However, the immediate market sentiment is currently dominated by the factors listed above.