Bitcoin Crashes Below $60,000, Erasing Post-Trump Election Gains as ETF Outflows Accelerate

Bitcoin tumbled below $60,000 on Friday, June 5, 2026, plunging to its lowest since October 2024 and fully erasing the rally sparked by Donald Trump’s presidential election victory. The cryptocurrency has now shed 18% over the past six trading days, with a year-to-date decline exceeding 30%. Investors yanked cash from U.S. spot Bitcoin ETFs at an accelerating pace. BlackRock’s iShares Bitcoin Trust (IBIT) alone recorded over $3.1 billion in net outflows between May 18 and June 3, extending a 13-day streak of redemptions. The liquidity drain heightened volatility and triggered forced liquidations. Crypto-linked equities bore the brunt: Coinbase (COIN) slumped 9% on Friday and more than 20% for the week, while miners MARA Holdings (MARA) and Riot Platforms (RIOT) also fell sharply. Analysts blamed a cocktail of risk-off sentiment in AI chip stocks, stronger-than-expected U.S. jobs data that raises the specter of prolonged high interest rates, and Michael Saylor’s Strategy disclosing its first-ever Bitcoin sale. Some traders also cashed out to free up capital for the anticipated SpaceX IPO. Technical indicators point to further selling pressure with support near $55,000, though on-chain data showing capitulation by long-term holders hints a market bottom may be forming.