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Bitcoin Steadies After $60,000 Breach as Saylor Hints at Buying
Bitcoin steadied in early Asia trading on Monday after recovering some lost ground since dropping below $60,000 late last week — a level not seen since Donald Trump won reelection in 2024. The original cryptocurrency was up as much as 3.8% to nearly $64,200. It was trading around $63,000 at 9:45 a.m. in Singapore. Ether, the second-largest token, was more than 3% firmer at around $1,680.
A signal from Michael Saylor, chairman of Strategy, that the digital-asset treasury may announce more Bitcoin purchases has helped to soothe the market. Richard Galvin, executive chairman at crypto investment firm DACM, said the market had looked oversold and Saylor’s post on X this morning “suggests he has been buying.”
Ethereum Foundation cuts and departures aren't a crisis, Joe Lubin says
thereum Foundation budget cuts, staff departures and leadership changes have fueled weeks of criticism from parts of the blockchain's community, but Joe Lubin, who was involved in its creation and is now CEO of software developer Consensys, said the moves are a necessary evolution, not a crisis.
Lubin, who has no role at the foundation, told CoinDesk that the organization's role should be narrower, more focused on stewarding the network's core technology and values, while other organizations take responsibility for adoption, institutional engagement and ecosystem growth.
Bitcoin's slide has no single cause. AI, tech IPOs, quantum, Strategy sale all play a role, NYDIG says
itcoin BTC $63,081.32 dropping below $60,000 to a fresh cycle low has left investors searching for a culprit. According to Greg Cipolaro, global head of research at NYDIG, there probably isn't only one.
In a report last week, he argued that bitcoin and the broader crypto market is facing several overlapping headwinds that have been weighing on prices. AI momentum, high-profile tech IPOs, quantum and security fears, sanctions on Iranian crypto exchanges and Strategy's BTC sale all played a role in the selloff, he said. Onchain metrics point at a major bottom nearing, but the drawdown has remained modest compared to previous bear markets.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Thursday was $325.69 million. The total net asset value of Bitcoin spot ETFs is $75.12 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.08%.
The Bitcoin spot ETF with the highest net outflow on June 5 was iShares Bitcoin Trust (IBIT), with a net outflow of $213.65 million, according to SoSoValue.
Source: SoSoValue
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