Bitcoin touched $59,099 on June 5, slicing more than 50% off its October 2025 all-time high of roughly $126,000. Investors across wallet sizes increased their Bitcoin holdings in the wake of the crash, with Glassnode’s Accumulation Trend Score climbing to 0.75. That metric, which ranges from 0 to 1, measures how aggressively existing holders are adding to positions.

What triggered the crash

The drop below $60K wasn’t caused by a single event. Strategy, the company formerly known as MicroStrategy, sold a chunk of its holdings. Bitcoin spot ETFs saw record outflows. And a strong US jobs report sent yields higher, pulling risk appetite out of the market.

The combined liquidations reached $1.6 billion. Analysts described the deleveraging as “orderly.” The market didn’t spiral into cascading forced liquidations the way it has during past crashes.

Geoff Kendrick of Standard Chartered went as far as suggesting the bottom might be in, saying “the winter is over” for Bitcoin.

Who’s buying and how much

The most notable signal from the Glassnode data is that retail investors, those holding less than 1 BTC, started accumulating for the first time since December 2025. For six months, small holders had been net sellers or sitting on the sidelines. That changed when the price dipped below $60K.

Over 400,000 BTC were accumulated in the $60,000 to $70,000 price range, boosting the total supply held in that band by 43% since January 2026.

Strategy itself reversed course almost immediately after its initial sales. The company repurchased 1,550 BTC for approximately $101 million, a clear signal that its leadership views the sub-$60K prices as temporary.

BlackRock’s IBIT ETF, the largest Bitcoin spot fund by assets, also saw massive engagement. During a previous volatile session in February, the fund recorded roughly $10.7 billion in trading volume.

What this means for investors

A 50% drawdown from all-time highs sounds catastrophic, but Bitcoin has done this before. The 2017-2018 cycle saw an 84% peak-to-trough decline. The 2021-2022 cycle delivered roughly 77%. A 50% correction from $126K to $59K is, by Bitcoin’s historical standards, relatively standard behavior.

The difference this time is the buyer composition. In previous cycles, dip-buying was dominated by crypto-native whales and speculators. Now there’s a visible institutional layer, ETFs, publicly traded companies, and sovereign-adjacent funds, that treats sell-offs as entry points rather than exit signals. That structural demand didn’t exist at scale before 2024.

The risk, as always, is macro. The strong jobs data that helped trigger this sell-off points to a Federal Reserve that may keep rates elevated longer than markets hoped. Higher yields make risk assets less attractive on a relative basis.