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Bitcoin experienced a particularly volatile week, briefly falling below the symbolic $60,000 threshold on Friday before quickly rebounding. BTC dropped to approximately $59,100, its lowest level since October 2024, after trading near $70,000 only a few days earlier. Ethereum also declined to around $1,700, while several major cryptocurrencies reached new annual lows. Despite the scale of the correction, buyers’ reaction near the lows shows that some investors still view these levels as accumulation opportunities.
The decline was intensified by a major wave of liquidations in leveraged markets. When Bitcoin broke through several support levels, many long positions were automatically closed, temporarily accelerating the downward move. More than $1.5 billion in crypto positions were reportedly liquidated within 24 hours. However, this removal of excessive leverage could help improve market conditions and create a healthier foundation for a sustainable recovery.
The release of stronger-than-expected U.S. employment data also weighed on digital assets. The economy’s continued strength reduces the likelihood of rapid interest-rate cuts by the Federal Reserve. Although this environment remains challenging for more speculative assets, Bitcoin continues to trade at levels significantly higher than those seen before the beginning of the previous bull cycle, despite monetary policy remaining restrictive.
The crypto market’s recent weakness contrasts with the performance of several U.S. stock market sectors, particularly those associated with artificial intelligence. Some speculative capital currently appears to be shifting toward these other opportunities. However, this rotation does not necessarily mean that investors are permanently abandoning digital assets. Rather, it shows that Bitcoin faces increased competition for capital in an environment where several investment themes are experiencing strong growth.
Spot Bitcoin ETFs continued to record outflows, with approximately $1.72 billion in net withdrawals during the week ending Friday. This marked a fourth consecutive negative week. Although this trend placed pressure on the price, it followed a period during which these products had accumulated substantial quantities of Bitcoin. The current outflows may therefore also be interpreted as a phase of profit-taking and portfolio rebalancing rather than a structural rejection of the asset class.
The withdrawals notably affected IBIT, BlackRock’s Bitcoin ETF, as well as certain products offered by Fidelity and Grayscale. Despite this more difficult period, the very existence of these regulated investment vehicles remains a fundamental change for the market. Institutional investors now have access to simple and liquid infrastructure that will allow them to return quickly to Bitcoin when economic and financial conditions become more favourable.
Bitcoin also began to rebound at the start of the following week, rising back above $63,000. This recovery forced the closure of numerous short positions, triggering a rapid wave of buying. Approximately $590 million in leveraged positions were reportedly liquidated during the rally, primarily among investors who had been betting on another decline. This reaction highlights Bitcoin’s ability to rebound sharply when pessimism becomes excessive.
Strategy also helped improve market sentiment. After selling only 32 bitcoins at the end of May, the company announced the acquisition of an additional 1,550 BTC between June 1 and June 7. The transaction, valued at approximately $101.3 million, was completed at an average price of $65,332 per bitcoin. As of June 7, Strategy therefore held 845,256 BTC, acquired at a total cost of approximately $64 billion.
This new acquisition confirms that the previous sale was unlikely to represent a change in the company’s long-term strategy. Instead, it appears to have been related to a one-time treasury management decision and the financing of certain preferred-share obligations. Strategy also maintains a reserve of approximately $1 billion to better support its financial commitments, which could reduce the need to sell Bitcoin in the future.
On the institutional side, CME Group officially launched its Nasdaq CME Crypto Index futures contracts on June 8. These contracts provide exposure to a basket of major cryptocurrencies that includes Bitcoin, Ethereum, Solana and XRP. Both standard-sized contracts and “micro” versions are available to meet the needs of different categories of investors.
This launch represents another step in the integration of digital assets into traditional financial markets. Professional investors can now obtain diversified exposure to cryptocurrencies or hedge their risks through a regulated product. CME also indicated that the average daily trading volumes of its crypto products had increased by 43% since the beginning of the year, even before the launch of this new index, demonstrating continued growth in institutional interest.
The tokenization of traditional assets also continues to advance, independently of Bitcoin’s short-term price fluctuations. According to Binance Research, the value of real-world assets distributed across blockchains has reached approximately $31.4 billion, compared with $21.5 billion at the beginning of 2026. This value was nearly five times lower at the beginning of 2025.
Government bonds, money market funds, gold and publicly traded equities are among the main asset categories now represented on blockchains. Tokenized equities have experienced particularly rapid growth, with their value increasing by more than 400% from a still relatively low base. This progress confirms that the use of blockchain technology extends far beyond speculation on cryptocurrency prices.
In the United Kingdom, several members of Parliament have asked the Bank of England to relax its proposed stablecoin regulations. The proposed rules include limits on the amounts that individuals and businesses may hold, as well as strict reserve requirements for issuers. Some elected officials are concerned that an overly restrictive framework could slow the development of a competitive market for stablecoins linked to the British pound.
For its part, the Bank of England wants to protect the financial system against an excessively rapid migration of bank deposits into stablecoins. Nevertheless, the debate shows that these assets have now become important enough to represent a central monetary and financial policy issue. The search for a compromise between innovation and stability could eventually encourage the adoption of better-regulated and more widely used stablecoins.
Overall, the week illustrated the difference between short-term market difficulties and the industry’s structural progress. Bitcoin and Ethereum continue to face a complex macroeconomic environment, capital outflows and high volatility. At the same time, companies continue to accumulate Bitcoin, regulated markets are launching new products and the tokenization of traditional assets continues to expand.
The drop below $60,000 certainly shook the confidence of some investors, but the rapid rebound that followed shows that demand has not disappeared. The significant liquidations also helped reduce the excessive leverage that had made the market more fragile. Following such a purge, the market may now be better positioned to build a recovery on a stronger foundation.
The $60,000 level remains an important technical area for Bitcoin. Defending this level could support a consolidation phase and allow buyers to gradually regain control. A sustained return above $65,000, followed by $70,000, would strengthen the scenario that the recent decline represented a temporary bottom and could quickly restore optimism. Despite the recent turbulence, the ecosystem’s fundamentals therefore continue to improve, while institutional adoption continues to advance.
The presented information is as of June 9th, 2026, unless otherwise indicated and is provided for information purposes only. The information comes from sources that we believe are reliable, but not guaranteed. This statement does not provide financial, legal or tax advice. Rivemont Investments are not responsible for any errors or omissions in the information or for any loss or damage suffered.
