Key facts
- Bitcoin fell to $59,000, its lowest price since October 2024.
- Analysts suggest capital rotation into AI infrastructure is a factor in Bitcoin's decline.
- A stronger-than-expected US jobs report for May 2026 spooked investors.
- Spot Bitcoin ETFs have recorded 14 consecutive sessions of outflows, nearing $5 billion.
- Total liquidations on Friday reached $545 million, with long positions accounting for $444 million.
Bitcoin experienced a significant price drop, falling to $59,000, its lowest point since October 2024. This decline occurred amidst a broader market rotation of capital towards artificial intelligence infrastructure, estimated at $400 billion over six months. Michael Saylor, whose company Strategy recently sold some Bitcoin, pushed back against criticism, attributing the pressure on Bitcoin to this capital shift rather than structural damage. The immediate trigger for the sharpest part of the sell-off was a US jobs report from the Bureau of Labor Statistics, which showed non-farm payrolls rising to 172,000 in May 2026, significantly exceeding the estimate of 85,000. This data led BNP Paribas to suggest the possibility of up to three Federal Reserve rate hikes, a scenario typically negative for risk assets like Bitcoin. Adding to the pressure, spot Bitcoin ETFs have now seen 14 consecutive sessions of outflows, with cumulative negative flows approaching $5 billion. On Friday alone, total liquidations reached $545 million, with long positions accounting for the majority, exacerbating the downward price movement as it broke through key support levels.