NewsBTC

Jun 7, 2026

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BEARISH 📉 : Bitcoin falls to $59K as ETF outflows, rate hike fears hit

AI rotation and a hot jobs print hit Bitcoin. Price tested $59k as outflows and liquidations picked up.

Michael Saylor pushed back on blame after his firm Strategy trimmed holdings. He pointed to unprecedented AI capex — about $400 billion in six months — drawing capital away from crypto, not damaging the asset itself, citing the ongoing AI buildout.

SBI’s Yoshitaka Kitao flagged big-ticket IPOs as another draw. He cited upcoming offerings for SpaceX, Anthropic, and OpenAI, per Bloomberg.

The immediate trigger was macro. US non-farm payrolls rose 172,000 in May vs 85,000 expected. Unemployment stayed at 4.3%. Risk sold off.

Bitcoin fell from $62,500 to about $59,000 on the release. It was trading near $59,990, down 6% in 24 hours, the lowest since October 2024.

ETF pressure persisted. Bitget CEO Gracy Chen noted a 13‑day streak of net outflows totaling $4.37 billion, a record run, in a post on X.

By the numbers:
- Liquidations hit $545 million Friday, with $444 million in longs wiped, per CoinGlass.
- Price reaction: $62,500 to ~$59,000 on the jobs release, then ~$59,990 later, via CoinGecko.

Kitao and Saylor both see capital rotation toward AI and large IPOs as a key headwind. Macro, ETF redemptions, and forced selling kept the market on edge.