Key facts
- Bitcoin price fell to approximately $59,000, its lowest point since October 2024.
- US non-farm payrolls for May 2026 rose to 172,000, exceeding the 85,000 estimate.
- The unemployment rate remained at 4.3%.
- Spot Bitcoin ETFs recorded 14 consecutive sessions of outflows, totaling nearly $5 billion.
- Total liquidations on Friday reached $545 million, with long positions dominating.
- Michael Saylor suggested capital rotation into AI infrastructure is a key driver of the selloff.
Bitcoin experienced a significant price drop, falling to around $59,000, its lowest point since October 2024. The immediate catalyst appeared to be a stronger-than-expected US jobs report, which showed non-farm payrolls rising to 172,000 in May 2026, significantly exceeding the 85,000 estimate, while the unemployment rate held steady at 4.3%. This data led to concerns that the Federal Reserve might pursue more aggressive interest rate hikes, potentially up to three, which typically pressures risk assets like Bitcoin.
Adding to the downward pressure, spot Bitcoin ETFs have now seen outflows for 14 consecutive sessions, with cumulative negative flows approaching $5 billion. This sustained redemption trend has been identified by some as a major factor in the broader crypto market decline. On Friday alone, total liquidations exceeded $545 million, with long positions accounting for the majority, indicating automated selling as prices broke through key support levels.
Michael Saylor, CEO of Strategy, attributed the selloff to a significant capital rotation into artificial intelligence infrastructure, estimated at $400 billion over six months. Other market observers echoed this sentiment, pointing to upcoming IPOs of major AI companies as potential draws for capital. The market now watches to see if the $59,000 zone will hold as support amidst these combined macro and crypto-specific pressures.