Bitcoin Sinks to $59K Low as Record ETF Outflows Fuel AI Rotation
Bitcoin plunged to around $59,000 on June 5, its weakest level since February and a 25% monthly drop. The selloff accelerated after breaking below $70,000 on June 2, driven by roughly $4 billion in spot Bitcoin ETF outflows over 12-13 consecutive days and speculative capital shifting into AI stocks and IPOs. The S&P 500 gained 5% while BTC breached key moving averages; Michael Saylor cited $400 billion in AI funding as the cause, and MicroStrategy’s sale of 32 BTC to fund dividends amplified bearish sentiment. On June 6 analysts debated whether the bloodbath marked a final bottom or ongoing capitulation.