Bitcoin Slides 15% Toward $60,000 Support as $1.2 Billion in Hedges Threaten More Selling
Updated
Updated · CoinDesk · Jun 5
Bitcoin Slides 15% Toward $60,000 Support as $1.2 Billion in Hedges Threaten More Selling
3 articles · Updated · CoinDesk · Jun 5
Summary
Bitcoin has fallen nearly 15% this week and is rapidly approaching $60,000, a level Deribit calls a critical structural threshold rather than just a psychological marker.
Record ETF outflows and capital rotation into surging AI stocks are pressuring holders who bought between $60,000 and $67,000, raising the risk of rushed selling as positions slip below cost basis.
$1.2 billion in open interest at Deribit's $60,000 put strike could amplify any break lower, because market makers short those puts may need to sell spot bitcoin or futures to hedge.
Leverage remains elevated after billions of dollars in bullish crypto positions were already liquidated this week, leaving a move below $60,000 vulnerable to another wave of automated long liquidations.
The pressure extends beyond bitcoin: ether is down more than 17%, and crypto is heading for its worst week since July 2024 amid weak spot volumes and broader market stress.
With giants like Michael Saylor selling, are institutions the new 'weak hands' that could trigger a cascade below $60,000?
As the AI stock boom falters, will Bitcoin capture fleeing capital or is it just the next domino to fall?
A stalled bill in Washington is fueling Bitcoin’s selloff. What happens to crypto if this regulatory uncertainty becomes permanent?
Bitcoin at the Brink: Will $60,000 Hold Amid ETF Outflows and Market Panic?
Overview
Bitcoin is under heavy downward pressure as of June 2026, with market sentiment turning to extreme fear after a rare sale by a major corporate holder, Strategy. This unexpected move shook confidence in an already over-leveraged market, leading to a wave of position unwinds. At the same time, Bitcoin ETFs saw substantial outflows, highlighting a broad reduction in demand from traditional finance. These factors combined to intensify selling pressure, pushing Bitcoin’s price lower and making the $60,000 level a critical test for the market’s stability and future direction.