Bitcoin fell below the $60,000 mark on Friday, June 5, 2026, recording its lowest level since the beginning of 2026 as a selloff wave spread across the crypto market. Downward pressure came from a record streak of outflows from US spot Bitcoin ETFs, a repricing of Fed interest rate expectations following a stronger-than-expected jobs report, and a wave of mass liquidations of leveraged positions.
Market Snapshot
Bitcoin at one point dropped to the $59,100 zone, breaking the $60,000 psychological threshold for the first time since late 2024, according to CoinGecko data. Before slightly recovering, BTC had fallen nearly 20% in just one week, marking one of the asset’s sharpest declines since the start of the year.
BTC price chart (D). Source: TradingView
Selling pressure was not limited to Bitcoin. Ethereum, Solana, XRP, ADA, and many other large-cap tokens also fell sharply, showing that investors are weighing risks across the entire crypto market. Total crypto market capitalization has also decreased by about $600 billion since its peak in mid-May, from around $2.7 trillion to nearly $2.1 trillion by the weekend.
What Drove the Selloff
The $60,000 zone is a sensitive milestone for Bitcoin because it is both a psychological threshold and a support zone that appeared before the rally that pushed BTC past $100,000 in late 2024.
According to CoinGlass data, the crypto market recorded approximately $1.5-$1.75 billion in liquidated positions within 24 hours around the drop, mostly long positions. This shows that the decline did not only come from spot investors selling off, but was also amplified by the derivatives market, where leveraged orders were forced to close when prices went against expectations.
Bitcoin losing the $60,000 mark therefore reflects a broader deleveraging event in the crypto market. As speculative capital flows out faster than the absorbing capacity of new buying power, volatility may continue to remain high even if Bitcoin experiences short-term recoveries.
ETF Outflows
One of the heaviest pressures came from spot Bitcoin ETFs in the US. According to SoSoValue data, this group of ETFs recorded 13 consecutive sessions of outflows as of June 3, with a total outflow of about $4.4 billion. This is the longest record-breaking capital withdrawal streak since spot Bitcoin ETFs began trading in the US.
This streak of capital withdrawals weakens one of Bitcoin’s most important sources of institutional demand, increasing pressure on the spot market during a risk-off period.
Macro Pressure
Macro pressure increased following the US May jobs report. According to the Bureau of Labor Statistics, the US economy added 172,000 jobs in May, much higher than expectations of around 80,000-85,000, while the unemployment rate held at 4.3%.
CME FedWatch data showed that the probability of the Fed raising interest rates at least once before the end of the year rose to 67% on Friday, up from 45% a week earlier. For Bitcoin and crypto in general, a high-interest-rate environment is usually disadvantageous because capital tends to leave risky assets.
These pressures did not only appear in the crypto market. US stocks also weakened during Friday’s session, while tech and AI stocks faced selling pressure, dragging down overall market risk appetite.
Strategy Signal
Market sentiment was also more sensitive after Strategy, a company closely associated with Michael Saylor, sold 32 BTC to net about $2.5 million. This transaction is very small compared to Strategy’s holdings of approximately 843,706 BTC, but it still drew attention because Saylor and his company have long been viewed as a symbol of a long-term Bitcoin accumulation strategy among listed corporations.
Even so, Strategy’s sale was not the main reason for pulling Bitcoin below $60,000. In the context of prolonged ETF capital withdrawals and a market repricing of interest rate risks, this move primarily served as a psychological signal, making investors more cautious.
What Comes Next
In the short term, the $60,000-$63,000 zone will be the area to watch. If Bitcoin quickly reclaims this zone, the market may view the recent drop as a short-term liquidity sweep. Conversely, if BTC continues to weaken, selling pressure could expand to lower support zones, especially since the derivatives market still holds many leveraged positions.
ETF capital flows will be one of the most important signals over the next few sessions, alongside the Fed meeting on June 16-17 and subsequent inflation data. Losing this milestone does not yet confirm a new bear market, but it shows that the previous upward structure has clearly weakened.
