Bitcoin's Worst Week Since FTX Crash Signals More Pain Ahead
Bitcoin's value plunged below $60,000 on Friday, experiencing its steepest weekly drop since the FTX incident in November 2022. The weekly loss neared 19.5% from the opening price to its lowest point. Starting the week at approximately $73,760, Bitcoin peaked around $74,092 before tumbling to a low of about $59,130. This decline has erased gains made since the 2020 U.S. presidential election. By Wednesday, it had rebounded to around $61,500. Analysts cite a general lack of specific triggers behind this downturn, with some anticipating further declines amid macroeconomic pressures and ongoing shifts in investment strategies.
Key facts
- Bitcoin fell below $60,000, worst week since FTX crash.
- Weekly decline: 19.5% open-to-low, 20.1% high-to-low.
- Bitcoin opened at $73,760, high $74,092, low $59,130.
- Erased all post-U.S. election gains; weakest since Oct 2024.
- Recovered to ~$61,500 by June 10 morning in Singapore.
- U.S. spot Bitcoin ETFs saw $4.4B outflows over 13 days.
- Strategy Inc. sold Bitcoin for first time in 4 years, then bought 1,550 BTC for $101M.
- Bitcoin down ~50% from Oct 2025 ATH above $126,000.
- Analysts cite 'silent bear market', macro headwinds, AI capital rotation.
Entities
Institutions
- FTX
- Wincent
- Primal Fund
- Strategy Inc.
- K33 Research
- Tokenize Capital
- Wave Digital Assets
- Coinglass
- OpenAI
- Anthropic
- SpaceX
- Federal Reserve
- NFT Plazas
Locations
- Singapore
- United States
- Iran