Bitcoin fell below $60,000 in early June 2026, marking its lowest level since October 2024 and intensifying market volatility as institutional investors retreated from digital assets. On June 5, the cryptocurrency dropped as low as $59,099.25, according to CNBC, a sharp reversal from the all-time high of $126,000 reached in October 2025.
The decline accelerated amid a cascade of ETF outflows. U.S. spot bitcoin ETFs hemorrhaged $3.4 billion in net outflows during a single week in early June 2026, the biggest weekly exodus on record, according to Investing.com. Over a 13-day period, outflows reached $4.4 billion, as reported by the Bitcoin Foundation.
Analysts linked the exodus to macroeconomic pressures. Strong U.S. jobs data significantly reduced expectations for an imminent interest rate cut, pushing investors toward traditional safe-haven assets and away from risk-on bets like cryptocurrency. Geopolitical tensions and a stronger U.S. dollar also weighed on sentiment, according to sources including the Bitcoin Foundation.
The week of June 5 was particularly brutal: bitcoin fell 16% in seven days, erasing gains and triggering roughly $1.7 billion in crypto liquidations across leveraged positions. By mid-June, the flagship cryptocurrency had lost approximately 27% of its value year-to-date, trading roughly 50% below its October 2025 peak.
When bitcoin fell to similar levels in February 2026—another washout driven by tariff concerns and broader risk aversion—the recovery took several months. CoinDesk reported in March 2026 that during the tariff-driven market turmoil in April 2025, bitcoin had found support near $75,000 as volatility spiked. The current decline suggests traders are testing whether the $60,000 level will hold as a floor or give way to further losses.
Some analysts saw a potential bottom forming. Standard Chartered’s research suggested in early June that bitcoin’s decline was nearing an end, with the bank maintaining a $100,000 target by year-end, though that forecast now appears at risk given the sharp reversal from May’s $81,443 peak.
Sources
- CNBC — Bitcoin’s June 5 low of $59,099.25, 16% weekly decline, lowest level since October 2024
- Investing.com — Record $3.4 billion ETF outflows in a single week in early June 2026
- Bitcoin Foundation — $4.4 billion outflows over 13 days; macroeconomic factors and strong jobs data driving outflows
- Yahoo Finance — Bitcoin’s 27% year-to-date decline and 50% fall from October 2025 all-time high
- Crypto Briefing — $1.7 billion in crypto liquidations triggered by the June decline
- CoinDesk — Historical precedent: April 2025 tariff-driven selloff and $75,000 support level
