The Crypto Bloodbath: Bitcoin Crashes Below $60K in Worst Week Since FTX

The cryptocurrency sector experienced a terrible week from June 8–14, 2026, when Bitcoin headed its most severe downturn since the FTX crisis of 2022. Over seven days, the premier cryptocurrency dropped about 17.3%, falling significantly below the $60,000 level to reach its lowest point since October 2024. The slaughter was not only limited to price action; capital flight from the system was astounding; around $390 billion left crypto markets all around and spot Bitcoin ETFs lost $5.5 billion over a merciless 13 straight days of outflows.

From several sides, selling pressure descended. MicroStrategy, a corporate favorite, rocked investor confidence and sped down movement with a major Bitcoin sale that garnered attention. At the same time, surprisingly good U.S. jobs numbers and increased inflation statistics from the June 10 CPI and June 11 PPI releases drove Treasury yields higher, therefore squeezing risk assets across the board. Macro tightening, institutional profit-taking, and a record-breaking ETF redemption run combined to produce a feedback loop that had crypto investors rushing for the exits.

Though the week was marked by several significant business milestones, mostly overshadowed by the red candles, the selloff story is still rather strong. On June 8, CME Group unveiled Nasdaq CME Crypto Index futures, while Coinbase debuted CFTC-regulated derivatives trading—both pointing to developing institutional infrastructure. Wall Street attendees flocked to the ETH Conference; THORChain launched its Mainnet v3.19 upgrade live; SpaceX's IPO grabbed more financial market notice. Still, these structural changes couldn't compete with the macro-driven anxiety, so the market was left looking for a bottom as the week ended in gloom.