Bitcoin slips below $60,000 as funds see $5.8B outflows

Bitcoin fell below $60,000 on Binance on June 5, dropping to $59,799 on Binance and $59,750 on Coinbase during Friday trading. Against tether (USDT) it touched $59,786 on Binance. The token has declined more than 17% over the past week.

The move followed a stronger-than-expected U.S. jobs report that reduced expectations for near-term interest-rate cuts and prompted some investors to shift away from higher-risk assets. Data from asset manager CoinShares showed about $5.8 billion of net outflows from digital-asset investment products over the past four weeks.

CoinShares linked the outflows to geopolitical developments, changes in rate expectations and capital rotating toward artificial-intelligence related investments. The firm described recent flow dynamics as sentiment-driven rather than the result of a structural breakdown in crypto fundamentals.

The $60,000 level had served as support through much of 2026. Friday’s confirmed close below that threshold is the first since Oct. 10, 2024, when bitcoin fell near $58,863 before recovering. Traders are watching whether $60,000 will be reclaimed or act as a new resistance level.

Market participants are monitoring liquidity and institutional fund flows. Analysts say upcoming macroeconomic reports and shifts in Federal Reserve expectations will be key for price direction in the near term.

CoinShares wrote: “Sentiment has taken a clear turn for the worse over the past month…the asset class remains close to flat for the year. This is a sentiment shock.”