Skip to navigationSkip to main contentSkip to right columnGodwin OluponmileMon, June 8, 2026 at 7:43 PM GMT+2 7 min readBitcoin just suffered one of its sharpest selloffs in months.After spending much of the past year trading comfortably above six figures and reaching a peak above $126,000 in October (1), the world’s largest cryptocurrency appeared to have settled into a period of relative stability. That changed abruptly last week, when a wave of risk-off sentiment and broader market turmoil sent bitcoin tumbling below $60,000 (2) — its lowest level since October 2024.Must ReadRobert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’Prime US real estate was a rich person's game — then something changed. Now everyday Americans are getting a piece of the action for as little as $100Millionaires under 43 are reshaping investing — just 25% of their portfolios are in stocks. Here’s where their money is goingBy the end of the week, bitcoin had lost roughly 17% of its value and was trading more than 50% below its all-time high.While stocks tied to artificial intelligence and semiconductors have continued to soar, some analysts believe speculative money that might once have flowed into crypto is finding more attractive opportunities elsewhere. As Wolfe Research analyst Rob Ginsberg put it, “Who in their right mind would rather buy crypto right now when you could close your eyes, buy a semiconductor stock and [have] 2-3x your investment in weeks (3)?”The sudden reversal has left investors grappling with a question that seemed almost unthinkable just a few months ago: What is the bull case for bitcoin right now?What triggered the Bitcoin dropThe crash started when Strategy (formerly MicroStrategy), Michael Saylor’s company and one of bitcoin’s most vocal corporate backers, disclosed that it had sold 32 BTC between May 26 and May 31.Bitcoin’s average price hovered around $77,135, and was bringing in roughly $2.5 million. The proceeds weren’t for some big strategic pivot either; they were used to help fund dividend payments on its high-yield perpetual preferred stock (4).On paper, the sale is almost meaningless. Strategy still holds 843,700 BTC, worth around $61 billion, at the time of disclosure. The 32 coins account for just 0.0038% of its total position. But bitcoin doesn’t run on math alone. What sustains Bitcoin largely involves fundamentals and narrative that are strong enough to spike FUD (fear, uncertainties and doubts) in the minds of investors. And for years, the narrative was that Saylor never sells. The moment he did, the market treated it like a five-alarm fire.Bitcoin fell 3.1% on the news, and Strategy’s stock (MSTR) dropped more than 5.85% by June 1 (5) and went on to lose about 28% over the week (6). About $1.6 billion in leveraged positions were liquidated in the cascade that followed (7).Terms and Privacy PolicyPrivacy & Cookie SettingsMore Info