A 6% Monday pop, a surge in liquidations, and Saylor's return to buying — Bitcoin's recovery is real, but the headwinds haven't gone away.
Bitcoin futures shed nearly 18% in the week ending June 5, briefly plunging below $60,000. The world's largest cryptocurrency by market cap wasted no time hitting back on Monday — and the cleanup bill for bears has been enormous.
The Squeeze Heard Across Crypto
On Monday morning, Bitcoin traders who bet that prices would keep falling suffered a massive $504 million loss in the past 24 hours. This represents the biggest wipeout for short sellers since late April.
According to CoinGlass data, 103,132 traders across the entire crypto market were forced out of their positions, losing a combined $602.00 million. Bitcoin trades made up $279.22 million of these losses (including the largest single liquidation order of the day, a BTCUSDT trade on Binance worth $12.10 million), while Ethereum traders lost $201 million.
Source: CoinGlass
The mechanics here are straightforward: traders piled into short positions near last week's lows, anticipating further weakness, only to get caught flat-footed as Bitcoin snapped back.
Strategy Doubles Down — After a Controversial Week
Last week, Michael Saylor's firm, Strategy INC, rattled markets by selling 32 BTC—its first sale since 2022. This move contributed to a drop in Bitcoin's price and sparked severe criticism from analysts who feared a downward spiral.
However, the firm quickly reversed course, revealing in a recent SEC filing that it purchased an additional 1,550 Bitcoin for $101.3 million, funded by recent stock sales.
This acquisition brings Strategy's total massive holdings to 845,256 BTC. The market welcomed the aggressive buy-the-dip move; Strategy's shares jumped 6.55% in pre-market trading, and Bernstein analysts maintained a strong $450 price target, praising the company's financial resilience despite the recent crypto downturn.
The Week Ahead: CPI and ETF Outflows in Focus
Recent data on spot Bitcoin ETF flows reveals a stark and persistent trend of capital flight between late May and early June 2026.
Source: Farside Investors
Over the observed period from May 20 to June 5, the market experienced heavy, nearly uninterrupted daily net outflows, peaking at a massive $733.4 million withdrawal on May 27. BlackRock’s IBIT bore the brunt of this exodus, frequently logging nine-figure daily losses, including a staggering $527.8 million outflow on May 27 and a $440.3 million drawdown on June 1.
While legacy funds like Grayscale’s GBTC also continued to bleed assets, Morgan Stanley’s MSBT stood out as a rare beacon of resilience, consistently registering modest daily inflows amidst the broader market sell-off.
The selling pressure only briefly paused on June 4, which eked out a negligible $3.2 million net positive flow, underscoring a broader institutional risk-off sentiment and a decisive rotation away from these products during this two-week window.
As the week progresses, ETF flows could keep any bullish rally in check if outflows continue and will be a metric of the crypto markets overall appeal. Add to that the US inflation print which could impact the US Dollar and thus Bitcoin and market participants could be in for an intriguing week.
Technical Picture: Key Levels to Watch
Bitcoin is currently staging a solid recovery after dipping below the $60,000 handle.
Bitcoin Futures Daily Chart, June 8, 2026
Source: TradingView
The broader trend remains firmly bearish, with price action trading well below both the 100-day ($74,278) and 200-day ($88,747) Moving Averages.
However, immediate downside momentum appears to be exhausting with the current daily candle eyeing a bullish engulfing close.
The bounce off the $60,000 floor coincides with the Relative Strength Index (RSI) flashing a bullish pivot signal as it hooks upward from extreme oversold territory below 30.
If bulls can sustain this recovery, the first major upside hurdle lies at the $65,000 handle before the $70,000 psychological handle comes into focus..
Conversely, a daily close below $60,000 would invalidate this bullish recovery, likely opening the door for further capitulation.
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