Bitcoin Crashes to $59,100: Worst Week of 2026

Bitcoin fell to its lowest price of 2026 on Friday, touching $59,100 intraday as over 351,000 traders were liquidated across crypto markets in a single 24-hour window. Not a great day for the longs.

Key Takeaways:

• Bitcoin hit a 2026 intraday low of $59,100 on June 5, falling 19.3% in 7 days and 26.8% over 30 days.
• Coinglass data shows $1.75 billion in liquidations in 24 hours, with 351,233 traders wiped out across crypto markets.
• More than half of all $BTC now sits at an unrealized loss, a signal that has marked every major bear market bottom in bitcoin's history.

Bitcoin Falls 19% in 7 Days and Touches $59,100 The move extended a sharp selloff that has taken bitcoin down 19.3% in seven days, 22.2% in the past fortnight, and 26.8% over the past month. Over the past year, the price has dropped 42.3%. The latest range of $59,000 to $60,000 puts bitcoin well below the $71,000 level it traded at just four days earlier, on June 1.

Liquidations Flood the Market Liquidation data from Coinglass shows $1.75 billion in total crypto liquidations in the past day, with long positions accounting for $1.45 billion of that figure. Bitcoin alone absorbed $560.72 million in liquidations ($448M in longs), followed by ethereum at $473.02 million ($408M in longs). The largest single liquidation order was a BTCUSDT position on Binance worth $13.31 million. At 4 p.m. EDT, over the past four hours, $411.68 million was liquidated, with longs representing $329.21 million of that total. Elevated leverage in perpetual futures markets left traders exposed as price broke through key support levels. The cascade that followed is a well-documented pattern in crypto corrections: stops trigger, prices fall further, more stops trigger.

ETF Outflows and the Strategy Sale Institutional pressure has been a central driver. U.S. spot bitcoin exchange-traded funds (ETFs) saw estimated net outflows of $2.8 billion to $3.5 billion over 10 to 11 consecutive trading sessions in late May and early June, with one week alone recording approximately $3.4 billion in redemptions, the largest single-week outflow since ETF products launched in early 2024. Blackrock's IBIT was among the products seeing significant redemptions. Another psychological hit came from Strategy, formerly Microstrategy. The company disclosed in a June 1 U.S. Securities and Exchange Commission (SEC) filing that it sold 32 $BTC between May 26 and May 31 at an average price of approximately $77,135 per coin, generating roughly $2.5 million in proceeds. The sale, the company's first net bitcoin disposal since 2022, was used to fund distributions on its STRC perpetual preferred stock. Strategy still holds more than 843,700 $BTC at an average cost basis of approximately $75,699. The economic impact of 32 coins is minimal. The narrative impact was not. Strategy's brand has been built in large part on a no-sell commitment, and the filing shattered that image for a portion of the market. Retail selling followed. Many think that now that the ice has been broken, more sales could follow.

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