Bitcoin cracks $60,000, sinking to lowest level since October 2024
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- Bitcoin fell to $59,099.25, its lowest level since October 2024, and closed the day at $61,514.90, down 3.4% and 16% on the week.
- Strategy, founded by Michael Saylor, sold a small amount of its Bitcoin holdings, prompting hundreds of millions of dollars in liquidations and leaving the firm down 6.9% for the day and 24% for the week — its worst week since November 2022.
- U.S. Treasury yields rose after a stronger‑than‑expected May jobs report, adding pressure to risk assets such as Bitcoin.
- Charles‑Henry Monchau, chief investment officer at Syz Group, said the decline was driven by Strategy’s selling and a crowding‑out effect as investors chased AI stocks, memory chips, and upcoming IPOs.
- Bitcoin ETFs recorded a net inflow of $3 million on Thursday, ending a 13‑day outflow streak, while total assets fell to $80.4 billion from $107.8 billion on May 14.
Why it matters: Investors holding Bitcoin lose 16% this week, while Strategy traders see a 24% weekly decline; the modest ETF inflow shows capital briefly moving in, but overall market pressure stays high.
