Bitcoin holders bleed $2.4B as price breaches key support

Key facts

• Bitcoin's price fell below $60,000, reaching a low of $59,685, its lowest point since October 2024.
• U.S. spot Bitcoin ETFs experienced a 10-day outflow streak totaling approximately $2.9-3.0 billion.
• A record 12-day outflow streak for U.S. spot Bitcoin ETFs reached nearly $4 billion.
• Over $1.84 billion in leveraged crypto positions were liquidated within 24 hours.
• Long-term Bitcoin holders realized $2.4 billion in losses over 48 hours ending June 5, 2026.
• Ethereum fell below $1,800 to a low of $1,714, its lowest point since April 2025.
• Mt. Gox creditor repayment transfers influenced the market, with 116.3 BTC moved to Bitstamp.
• Geopolitical tensions and a shift to AI stocks are cited as factors contributing to the sell-off.
• 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.

Bitcoin has experienced a sharp decline, falling below $60,000 for the first time since October 2024, with its price reaching a low of $59,685. This marks a significant drop from its peak levels, with some analysts predicting a potential further fall to $54,000-$50,000 if key support levels fail. The broader cryptocurrency market has also seen substantial losses, with the total market value reduced by approximately $2 trillion since its October 2025 peak. Over $1.84 billion in leveraged crypto positions were liquidated within a 24-hour period, with long positions being particularly affected. Bitcoin alone saw over $1.35 billion in long liquidations triggered by a sharp 6% drop in 24 hours. The cryptocurrency broke key support zones and is testing ascending channels, with some analysts warning of potential further declines.

Several factors are contributing to this market downturn. U.S. spot Bitcoin ETFs have experienced prolonged outflow streaks, with one streak lasting 10 days and totaling approximately $2.9-3.0 billion, reducing combined net assets from $104.3 billion to $94.2 billion. Another report indicates a record 12-day outflow streak for U.S. spot Bitcoin ETFs, totaling nearly $4 billion. These outflows contrast with XRP ETFs, which have seen consistent inflows. Mt. Gox's creditor repayment transfers have also influenced the market, with the defunct exchange moving 116.3 BTC to Bitstamp. Geopolitical tensions and rising oil prices are cited as triggers for the sell-off, alongside a shift in investor capital towards AI stocks and potential IPOs. Michael Saylor's first Bitcoin sale in nearly four years has also been noted, with some viewing it as a contrarian signal.

Long-term Bitcoin holders have realized significant losses, with $2.4 billion lost over 48 hours ending June 5, 2026, as the price breached the Short-Term Holder Realized Price. The LTH-SOPR falling below 1.0 indicates sales at a loss, with 26% of recent sales from holders who bought above $90,000. The market has seen a 30-35% decline from peak levels. Ethereum has also faced pressure, falling below $1,800 to a low of $1,714, its lowest point since April 2025, with a 10% weekly and 31% year-to-date drop. Ethereum ETFs saw $52 million in outflows on June 3, led by BlackRock.