Bitcoin sinks below $60,000 in worst week since 2022 sell-off
What's new: A 13-day run of outflows from US bitcoin ETFs ended, but net assets still fell to $80.4 billion from $107.8 billion on May 14.
Bitcoin slid below $60,000 on Friday, touching its lowest level since October 2024 and capping a punishing week for crypto markets. The token fell as low as $59,099 before trimming some losses, leaving it down about 16% for the week and more than 50% below its peak near $126,000 in October 2025. The drop followed Strategy's sale of 32 bitcoin, a small transaction that nonetheless hit sentiment and helped trigger heavy liquidations of bullish positions. Nearly $4 billion in long crypto bets were wiped out since the start of the week, while higher Treasury yields after a stronger-than-expected May US jobs report added pressure on risk assets. Ether also dropped to its lowest level since April 2025.