Morning Minute: Crypto Crashes, New Lows in Sight

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📉 Crypto Crashes, New Lows in Sight

Bitcoin and crypto majors fell hard on Wednesday and overnight, and this time, the alt darlings were not spared.

What makes this down move different from the prior few days is that Hype and the recent alt winners all sold off hard as well. ZEC fell 12%, NEAR fell 18% and VVV fell 12%, all of which had hit new local highs on Wednesday. HYPE itself had hit $75 before the selloff.

Arthur Hayes certainly didn't help, posting how he sold his entire HYPE and NEAR positions as he thinks the macro top is in or close. He pointed to higher energy prices, the three AI IPOs looming, and anticipation of a surprising Trump pivot on AI to cause a market top between now and September.

"I just dumped my entire $HYPE and $NEAR position, I will explain why in my essay 'Reality Test' dropping next Tuesday. TLDR: - Higher energy prices due to Iran war and inventory restocking - 3 Mega AI IPOs between now and early Q3 - Prediction that Trump goes anti-AI to win… — Arthur Hayes (@CryptoHayes) June 4, 2026"

As for Bitcoin, well, it's in serious pain territory. The ETFs have seen 11 consecutive days of outflows, with $1.4 billion this week alone. Saylor remains a fud magnet with STRC now trading $5 below par. And BTC is rapidly approaching cycle lows. That local bottom is at $60k, hit just briefly on Feb 5. If it doesn't hold, unfortunately it's probably "look out below"…

💰 Bitmine Is Copying Strategy's Playbook While STRC Crashes

Bitmine filed on Wednesday to offer 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value, targeting a $300 million raise at a 9.5% annual dividend rate. Shares will list on the NYSE under ticker BMNP. The structure is explicitly modeled on Strategy's STRC, meaning Tom Lee is applying Saylor's preferred stock financing playbook to his Ethereum treasury.

The timing is very interesting as Strategy's STRC carries 11.5% and has faced real liquidity pressure