On June 5th, Bitcoin dropped below $60,000 for the first time since October 2024, erasing all gains that had accumulated since Donald Trump’s election. This decline came on the heels of Strategies’ first Bitcoin sales since 2022, ongoing outflows from U.S. spot Bitcoin exchange-traded funds (ETFs), and a general downturn in the broader cryptocurrency market.
In fact, spot Bitcoin ETFs have seen more than $4.3 billion in net outflows since mid-May, as reported by Pharcyde Investors. Meanwhile, leveraged positions were significantly wiped out during the recent slump.
Analysts warn of possible “Crypto Black Monday”
After the drop, Bitcoin skeptic Peter Schiff cautioned that further declines might provoke a new round of panic selling. He noted on June 5th that Bitcoin had dipped just below $59,750, marking its lowest level since October 2024.
Schiff has remarked that the current rally above $61,000 appears to be driven more by opportunistic buying rather than any sign of a robust recovery. “Get ready for crypto Black Monday if we break today’s lows,” he suggested.
Bitcoin’s rally began in November 2024, following Trump’s victory, which fueled hopes for a more favorable regulatory climate for cryptocurrencies. Investors had been optimistic that the new administration would foster industry growth and lessen regulatory constraints, ultimately pushing Bitcoin to a record high exceeding $126,000 in October 2025.
However, Schiff’s latest warnings arrive at a time when ETF demand is plummeting, Strategies has executed a 32BTC sale, and there’s rising uncertainty about where new buying pressure might come from. Schiff, the chief economist at Euro Pacific Asset Management, has long positioned gold as the superior store of value, routinely critiquing Bitcoin as lacking intrinsic value.
Standard Chartered calls this a buying opportunity
Not everyone on Wall Street shares Schiff’s pessimistic view. Jeffrey Kendrick, leading digital asset research at Standard Chartered, pointed out in a June 4 client note that while the recent downturn has been tough for cryptocurrencies, he maintains a long-term bullish outlook. Kendrick suggested that Strategies might resume aggressive Bitcoin purchases, similar to previous behaviors after a sale. “If we look back at the end of 2026 when Bitcoin hit $100,000, we can say this was the buy zone we were all hoping for,” he stated.
As this discussion unfolds, Bitcoin was reported to be trading down 4.33% at $60,096, according to TradingView.
