Bitcoin breaks $60,000 — lowest level since October 2024
BTC fell to $59,099 on Friday, its lowest level since October 2024 and down 16% on the week. Five factors explain why this drop feels different.
Bitcoin fell as low as $59,099 on Friday, June 5 — its lowest reading since October 2024 — and is down 16% since the week began. Ethereum traded in parallel around $1,667.
Yahoo Finance and CNBC identify five factors behind the decline:
1. Strategy is selling Bitcoin. Michael Saylor's Strategy revealed it sold 32 BTC for $2.5 million — its first sale since 2022. That broke one of the market's most important sentiment anchors.
2. Capital rotation. Speculative capital is instead flowing toward AI infrastructure and the SpaceX IPO, which are competing for investor attention.
3. Narrative collapse. Bitcoin's two dominant narratives — digital gold and high-beta tech stock — are both being questioned. BTC has not tracked gold's rise during geopolitical unrest.
4. Regulatory uncertainty. The Clarity Act, the legislation meant to give the crypto market clarity, is losing momentum in Congress.
5. ETF outflows. Spot Bitcoin ETFs recorded a record-long 13 consecutive days of net outflows, with cumulative outflows of $4.4 billion.