Bitcoin (CRYPTO: BTC) has fallen 17% over five days to hit its lowest price in two years, capping what analysts are calling the worst week for cryptocurrencies since February of this year.
In afternoon trading on June 5, Bitcoin’s price dropped 6% to $59,550, a level not seen since October 2024, with Ethereum (CRYPTO: ETH) and other digital assets suffering similar losses.
Analysts are sounding the alarm over the absence of near-term catalysts capable of reversing the slide, warning that the selling pressure shows little sign of abating.
Bitcoin’s so-called “fear gauge” rose more than 20% over the past week as retail investors grow increasingly anxious about the depth and duration of the downturn.
Institutional investors are also pulling capital, with spot Bitcoin ETFs recording 13 consecutive days of outflows that together amounted to a $25 billion capital exodus from the market.
Prediction markets Kalshi and Polymarket are pricing in further losses, with bettors on both platforms wagering that Bitcoin will fall as low as $50,000 during the current downturn.
Strategy (NASDAQ: MSTR) sold 32 Bitcoin for proceeds of $2.5 million, marking the company’s first sale of its Bitcoin holdings in four years, a move that analysts say could foreshadow larger disposals ahead.
The sale is being closely watched given that Strategy still holds more than 840,000 Bitcoin, but the company faces pressure to fund dividend payments on its preferred stock (NASDAQ: STRC), which carries an 11.5% yield.
Canadian Bitcoin miner and data centre operator Hut 8 (NASDAQ: HUT) attracted $17 billion in investor orders for a recent bond sale, roughly four times its $4.25 billion target, with proceeds earmarked for a 352-megawatt data centre in Texas leased to chipmaker Nvidia (NASDAQ: NVDA).
Major U.S. banks JPMorgan Chase (NYSE: JPM), Bank of America (NYSE: BAC), and Citigroup (NYSE: C) are joining forces to build a shared tokenized deposit network, internally dubbed “the bridge,” which will be operated by The Clearing House to defend against the competitive threat posed by stablecoins.
Ethereum treasury company Bitmine (NYSE: BMNR), led by Chairman Tom Lee, is launching a $300 million preferred stock offering carrying a 9.5% yield, with the new preferred shares set to list on the New York Stock Exchange under the ticker symbol “BMNP.”
Kalshi is developing a prediction market terminal for professional traders modeled on the Bloomberg Terminal concept, currently in a testing phase with a small group of users able to track the platform’s contracts and wagers.
Cardano’s (CRYPTO: ADA) annual summit has been canceled after a funding proposal failed to secure the supermajority required under the blockchain’s new “Voltaire” governance system, prompting the Cardano Foundation to begin winding down preparations for the Singapore-based event.
Asset manager Grayscale has filed a registration for its “Grayscale Hyperliquid Staking ETF” under the ticker “HYPG,” setting a 0.29% management fee that undercuts competitors already operating similar funds tracking the decentralized derivatives exchange.
Cryptocurrency exchange Binance has shut down its NFT marketplace following a prolonged collapse in digital art trading volumes, which fell from a peak of $50 billion in 2022 to approximately $5.5 billion today.
Canada’s HIVE Digital Technologies (NASDAQ: HIVE) reported total revenue of $297.8 million for its fiscal year ended March 31, a 158% increase year-over-year, as the company continues its pivot from Bitcoin mining to artificial intelligence data centre operations, having mined 2,885 Bitcoin during the period, up 104% from 2025.
