Bitcoin fell below $60,000 on June 5, trading as low as $59,099, a level the token hasn’t touched since before Donald Trump won the presidency in October 2024. The entire post-election rally, all of it, is now gone.

The decline puts Bitcoin more than 50% below its all-time high of over $126,000, which it reached in October 2025.

What’s driving the sell-off

Spot Bitcoin ETFs have hemorrhaged approximately $2.9 billion in net outflows over just nine days.

MicroStrategy sold 32 BTC for approximately $2.5 million, breaking its longstanding “never sell” policy. MicroStrategy breaking its longstanding “never sell” policy is the crypto equivalent of Warren Buffett dumping Coca-Cola stock. The amount doesn’t matter. The signal does.

A stronger-than-expected US jobs report gave the Federal Reserve less reason to cut interest rates anytime soon. Higher rates for longer means less liquidity sloshing around in speculative markets.

Speculative capital has been rotating out of crypto and into AI-related stocks.

The post-election rally in reverse

When Trump won the 2024 election, Bitcoin was trading around $60,000. Over the next year, a combination of pro-crypto regulatory expectations, ETF inflows, and pure speculative momentum pushed the price to over $126,000.

The weekly decline of 16-18% is among the sharpest Bitcoin has experienced outside of a full-blown crisis event. Bitcoin-linked equities have been caught in the undertow as well, with MicroStrategy shares feeling particular pain given the company’s leveraged exposure to BTC’s price.

What this means for investors

The $2.9 billion in ETF outflows over nine days is especially worth watching. If those flows continue to be negative, the structural demand argument that underpinned six-figure price targets falls apart.

MicroStrategy’s decision to sell, even in small quantities, introduces a new variable. If they’ve shifted their internal calculus on holding versus selling, other corporate treasuries with BTC on their balance sheets may follow.