Bitcoin holders bleed $2.4B as price breaches key support

Key facts

• Bitcoin's price has fallen below $60,000, reaching its lowest point since October 2024.
• U.S. spot Bitcoin ETFs have experienced a 12-day outflow streak totaling nearly $4 billion.
• Over $1.76 billion in leveraged crypto long positions were liquidated in a 24-hour period.
• Ethereum has fallen below $1,800, reaching a low of $1,714, its lowest point since April 2025.
• Long-term Bitcoin holders realized $2.4 billion in losses over 48 hours ending June 5, 2026.
• Michael Saylor sold Bitcoin for the first time in nearly four years.
• Mt. Gox wallet outflows have influenced Bitcoin's price decline.
• Crypto exploit losses fell 90% in May to $68.3 million.
• EU crypto firms must obtain MiCA authorization by July 1 or cease serving EU clients.
• CME Group launched 24/7 trading for crypto futures and options on May 29.
• Bitcoin demand contracted at a pace comparable to the Terra/LUNA collapse in May 2022.
• XRP ETFs have recorded 17 consecutive days of inflows, totaling $118.29 million in May.

Bitcoin's price has fallen below the critical $60,000 threshold, reaching lows not seen since October 2024, as the broader cryptocurrency market experiences a significant downturn. This decline is fueled by a combination of record outflows from U.S. spot Bitcoin ETFs, which have seen 12 consecutive days of redemptions totaling nearly $4 billion, and substantial liquidations of leveraged long positions, with over $1.76 billion liquidated in a single 24-hour period. Bitcoin's price has dropped as much as 16% in a week, testing support levels not seen since February and even reaching a four-month low of $61,383. Some analysts warn of potential corrections to $54,000-$50,000 if key support fails, while others suggest a tradable low may not appear until October.

Ethereum has also suffered significant losses, falling below $1,800 and hitting a low of $1,714, its lowest point since April 2025. ETH has experienced a 10% weekly decline and a 31% year-to-date drop, with ETH ETFs seeing outflows led by BlackRock. XRP ETFs, however, have maintained inflows for 17 consecutive days, contrasting with Bitcoin and Ether ETFs. The overall market downturn is exacerbated by factors such as geopolitical tensions, rising oil prices, and a shift in investor capital towards AI stocks and potential IPOs. Mt. Gox wallet outflows and increasing exchange reserves have also contributed to technical breakdowns and price drops below key support zones.

Long-term Bitcoin holders have realized substantial losses, estimated at $2.4 billion over 48 hours ending June 5, 2026, as the price breached the Short-Term Holder Realized Price. The market has seen a 30-35% decline from peak levels, with some analysts viewing the current situation, including Michael Saylor's first Bitcoin sale in four years and outflows from Bitcoin ETFs, as a contrarian signal for a potential market bottom in late 2026. MicroStrategy sold 32 BTC for $2.5 million, a transaction that has led to disputes over its timing. The demand for Bitcoin has contracted significantly, reaching a pace comparable to the Terra/LUNA collapse in May 2022.