Bitcoin Drops Below $60,000 After $532M Binance Liquidations

On June 5, 2026, bitcoin dropped below $60,000 after roughly $532 million of long positions were liquidated on Binance and MicroStrategy sold 32 BTC for about $2.5 million. The price fell more than 17% for the week and slipped below its 200-week simple moving average for the first time in three years.

Over a 24-hour period, exchanges recorded about $532 million in liquidations of leveraged long positions on Binance. Forced closures of leveraged trades created additional sell orders that pushed the price lower.

MicroStrategy said it sold 32 bitcoins for approximately $2.5 million to pay coupons to holders of preferred shares. The company has made only one prior bitcoin sale since it began buying in 2020.

From an all-time high near $126,000, bitcoin has lost more than half its value. Other crypto assets fell alongside bitcoin: ethereum was down about 23% over the week to roughly $1,555, and solana fell about 22% to near $63.75. Shares of companies tied to the sector moved lower as well; MicroStrategy's stock lost close to 10% and Coinbase shares declined about 8.4%.

U.S. spot bitcoin ETFs recorded modest inflows of just over $3 million after 13 days of outflows. Market data were provided by OANDA.

U.S. nonfarm payrolls rose by 172,000 in May, above expectations. The stronger labor data reduced market bets on near-term Federal Reserve interest-rate cuts.

A vulnerability in the Zcash network prompted a price drop of more than 40% in a single day before developers issued a patch. Developers cautioned they could not determine whether the flaw had been exploited to create extra tokens.

Peter Schiff, a bitcoin critic, warned: “The problem is not the scale of the current sale itself, but its potential consequences for investor confidence.” Traders noted the coincidence of large liquidations, the corporate sale, weak ETF inflows and the macro data with the recent decline.