Hyperliquid Gains $1.2B as Bitcoin Drops Below $60K and Treasuries Lose $62B

Bitcoin treasury firms absorbed $62 billion in equity-value losses on June 5 as BTC slipped below $60,000 for the first time since 2024 and touched a low near $59,100. The sell-off widened unrealized losses at Strategy and Bitmine to roughly $12.8 billion and $10.3 billion, respectively, while Ether fell below $1,550. Hyperliquid Strategies remained the sole major outlier, sitting on $1.1–1.2 billion in unrealized gains from its 23.7 million HYPE holdings. The rout follows the June 4 report that 46,044 Bitcoin millionaire addresses had vanished in the prior 500 days as prices fell below the $1 million threshold.