Bitcoin slips below $60,000 on Binance amid $5.8B outflows

Bitcoin fell below $60,000 on Binance on June 5, reaching about $59,799 on Binance and $59,750 on Coinbase. Against USDT on Binance it bottomed near $59,786. CoinShares reported $5.8 billion of net outflows from digital-asset investment products over the prior four weeks.

The slide followed a stronger-than-expected U.S. jobs report that lowered expectations for near-term interest-rate cuts and prompted a shift away from higher-risk assets.

Bitcoin has lost more than 17% over the past week and broader crypto markets have faced sustained selling pressure.

CoinShares attributed the withdrawals to geopolitical uncertainty, changes in interest-rate expectations and capital rotating toward artificial-intelligence-related investments. The asset manager 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.”

The last confirmed break below $60,000 came on Oct. 10, 2024, when Bitcoin fell to roughly $58,863 before recovering. Earlier tests of the $60,000 area in February 2026 had held as support until Friday’s decline.

Market participants are watching whether $60,000 will be reclaimed as support or convert to resistance. Analysts noted that near-term price direction will be influenced by incoming macroeconomic data, Federal Reserve expectations and flows into or out of institutional products.

CoinShares said the recent outflows removed liquidity from the market.