Bitcoin fell below $60,000 on June 5, trading as low as $59,099-a level not seen since before Donald Trump won the presidency in October 2024. The entire post-election rally is now gone, leaving Bitcoin more than 50% below its all-time high of over $126,000 from October 2025.
What’s Driving the Sell-Off
Spot Bitcoin ETFs have suffered approximately $2.9 billion in net outflows over just nine days. MicroStrategy sold 32 BTC for around $2.5 million, breaking its longstanding "never sell" policy-the crypto equivalent of Warren Buffett unloading Coca-Cola stock.
A stronger-than-expected US jobs report gives the Federal Reserve less reason to cut interest rates, meaning higher rates for longer and less liquidity for speculative markets. Capital is rotating out of crypto and into AI-related stocks.
The Post-Election Rally in Reverse
When Trump won the 2024 election, Bitcoin was around $60,000. Over the next year, pro-crypto expectations, ETF inflows, and speculative momentum pushed the price above $126,000. The weekly decline of 16-18% is among Bitcoin's sharpest outside a full-blown crisis.
Bitcoin-linked equities, particularly MicroStrategy, have suffered due to leveraged BTC exposure.
What This Means for Investors
The $2.9 billion ETF outflow over nine days is critical. Continued negative flows would undermine the structural demand that supported six-figure price targets. MicroStrategy's decision to sell, even in small quantities, introduces uncertainty. If they shift their holding calculus, other corporate treasuries holding BTC may follow.