Bitcoin fell to a cycle low near $58,000 after stronger-than-expected US jobs data reduced rate-cut expectations and triggered a broad sell-off across risk assets.
Bitcoin News
The US labor market printed a major surprise on June 6, adding 172,000 jobs against a consensus estimate of around 85,000. That single data point was enough to reprice rate expectations across global markets. Investors moved quickly out of risk assets as the probability of Federal Reserve rate cuts dropped and the prospect of further hikes returned to the table.
Source: CoinMarketCap
Bitcoin (BTC) absorbed the hit in real time. It fell to a cycle low near $58,000 during the week ending June 8, extending a downtrend that has been in place since last autumn, according to CoinMarketCap data. Ethereum (ETH) fell harder in relative terms, printing an intraday low near $1,507, its weakest level in roughly 13 months.
Source: CoinMarketCap
Equities Join the Sell-Off
The stress did not stay confined to crypto. The Nasdaq fell 4.7% on June 6, its worst single-session performance in months. South Korea's KOSPI dropped approximately 8% when markets opened on June 9 and triggered a circuit breaker within minutes. Samsung Electronics and SK Hynix each shed around 10% in that session, pulling down two of the most heavily owned stocks in the global AI trade.
A weekly research note from Bitwise Europe, published June 8, drew a direct line between $BTC price action and what followed in equities. The firm noted that BTC has historically led equity market corrections by at least two months, owing to its continuous trading schedule and sensitivity to global liquidity conditions. Among the top 10 crypto assets for the week, LEO, TRON, and XRP held up better than most. Ethereum underperformed BTC, and altcoin correlations with BTC climbed toward all-time highs as liquidity thinned.
On-chain conditions deteriorated sharply. Total digital asset market capitalization fell $410 billion over the week, a move larger than 96.8% of all previously recorded weekly declines in relative terms, according to Bitwise Europe. Capital held at a loss across the entire market reached approximately $920 billion, equivalent to around 85% of all invested value. More than half of all coins in circulation are now held below their purchase price.
Net realized losses peaked at $1.34 billion at their highest point during the week. That figure matched the scale of the November 2025 capitulation but remained below the $2.48 billion recorded on Feb. 5, the largest single-day loss event of the current cycle. The majority of selling came from investors who had held coins for six to 12 months. Long-term holders, defined as those who have held for more than 155 days, showed their weakest spending activity since March 2023, with the average spent coin realizing a 23% loss.
Weekly crypto futures liquidations reached $7.15 billion, the highest weekly total since early February, per Bitwise Europe. Forced long liquidations made up $5.80 billion of that figure. The initial break came after reports that geopolitical tensions had intensified and peace talks had been suspended, pushing BTC below $70,000 and triggering a cascade of leveraged long exits. Strategy's first reported BTC sale since 2022, covering 32 BTC, added to negative sentiment. Bitwise described the transaction as marginal in size and suggested it may reflect fiduciary priorities rather than a directional market call. BTC has since stabilized near its 200-week moving average, a level the firm identifies as a historically important reference point during bear markets.
Global crypto ETF and exchange-traded product (ETP) flows recorded net outflows of approximately $1.82 billion for the week. US spot BTC ETP products drove $1.76 billion of that total. The iShares Bitcoin Trust alone posted $1.34 billion in outflows, while the Grayscale Bitcoin Trust recorded $144.4 million in outflows. US spot ETH ETFs saw combined net outflows of $175.9 million for the week.
Bitwise Europe's Cryptoasset Sentiment Index triggered a contrarian buying signal on June 3, reaching its most bearish reading since the Feb. 5 capitulation. As of June 8, only eight of 15 tracked indicators remained above their short-term trend. The Crypto Fear and Greed Index was registering Extreme Fear. CME Bitcoin commercial net positioning stood at negative 12.7% of open interest. Bitwise Europe placed its base-case terminal cycle-low range between $53,600, the current realized price, and $61,800, the 200-week moving average. Its composite valuation indicator fell to its fourth percentile, a level the firm associates with acute market undervaluation in prior cycles.
Related Article: Bitcoin ETFs Bleed $3.45B Across Record 11-Day Streak
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
