Bitcoin Crashes to $62,190 on ETF Outflows, Strategy Selling, June 07

Bitcoin fell 2.17% to $62,189.97 USD on June 07, extending a sharp sell-off that began June 2 when the price dropped below $70,000 for the first time in two months. Three major catalysts triggered the crash: Michael Saylor’s Strategy sold 32 bitcoin for the first time since 2022, U.S. spot bitcoin ETFs recorded $3 billion in outflows over 10 days, and Mt. Gox transferred $739 million in bitcoin ahead of October creditor repayments. The sell-off has left the crypto market in correction territory.

What Triggered the Crash

Strategy’s sale of 32 bitcoin between May 26 and May 31 marked a symbolic shift for Michael Saylor’s company, which built its brand on a never-sell stance. The coins sold at an average price of $77,135 each, representing just 0.004% of Strategy’s 843,706 BTC holdings but signaling a move toward what Saylor now calls a net accumulator approach. The headline alone spooked markets despite the small volume sold.

Institutional Money Exits Bitcoin ETFs

U.S. spot bitcoin ETFs experienced their longest outflow streak on record, with 10 consecutive days of net withdrawals totaling over $3 billion. On June 1 alone, $480 million exited bitcoin ETF products, with BlackRock’s IBIT fund accounting for roughly $440 million of that total. This marked the sharpest institutional retreat from crypto in months, signaling weakening demand from large investors.

Mt. Gox Moves Spark Panic

The defunct exchange transferred 10,422 bitcoin to new wallets on June 2 at 04:47 UTC, its largest single transfer in months ahead of the October 31, 2026 creditor repayment deadline. While on-chain data showed no immediate deposits to exchanges, the headline triggered widespread panic selling across the market. The transfer fueled fears of a potential flood of bitcoin hitting exchanges later in the year.

Technical Indicators Flash Oversold Signals

Meyka’s technical data shows BTCUSD trading with an RSI of 18.92, deep in oversold territory, and a Relative Strength Index suggesting potential for a bounce. The stock grade sits at C+ with a HOLD rating. Meyka’s 12-month price target stands at $97,867.61 USD, 57% above the current price, though near-term volatility remains elevated given the strong downtrend signaled by an ADX of 33.98.

Final Thoughts

Bitcoin’s crash reflects institutional capitulation, not fundamental weakness. With Meyka’s 12-month target at $97,867.61 and oversold technicals, the risk-reward tilts upward for long-term holders, though near-term volatility will persist.

FAQs

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.