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Bitcoin extended its losses on Friday, falling to an October 2024 low to cap an already bruising week for crypto investors.
The flagship cryptocurrency ended up down 5% at $60,450.00. Earlier, it fell to $59,764.90, its lowest level since October 2024. It is heading for a weekly loss of 17%.
Coinbase, The circle again Strategy each lost about 8% per day. The strategy is down 26% for the week, heading for its worst week since November 2022. Coinbase is on pace for a weekly loss of 20%, which would mark its worst week since February 2023.
The decline began after the founding of Michael Saylor Strategy sold a small amount of its bitcoin holdings, which have emotional weight and force hundreds of millions of dollars in liquidation that accelerates downward pressure. They widened after a stronger-than-expected May jobs report on Friday sent higher yields and pressure on risk assets.
How bitcoin has performed in the past year.
At the $60,000 level, bitcoin has more than halved from its peak of around $126,000 reached in October 2025.
Charles-Henry Monchau, chief investment officer at Syz Group, said bitcoin’s recent weekly decline was driven by a combination of Strategy sales and the resulting crowding out of hot money crowding out other assets.
“Guardians are getting into all the AI stocks and memory chips, especially in Korea, and the market expects that the upcoming IPOs will divert some of the sales money to the new stock,” Monchau told CNBC in an email.
Additionally, bitcoin’s catalyst for renewed investor interest, the crypto market structure bill known as the Clarity Act, is increasingly out of reach as legislative priorities shift and lawmakers remain divided on key provisions of the bill.
As uncertainty surrounding the Iran war has kept bitcoin under pressure in recent months, the stock market has soared to new records. The split has investors questioning both the dominant narrative of bitcoin: that it is “digital gold” that should benefit from geopolitical uncertainty, and that it trades like a beta tech stock.
“We’ve seen the 30-day Pearson correlation between bitcoin and the Nasdaq and S&P 500 reach close positive correlations as recently as last month, but that has declined over the past few weeks,” Rajiv Sawhney, head of international portfolio management at Wave Digital Assets, told CNBC in an email.
“So while global prices, especially tech stocks, continue to reach highs, bitcoin has failed to follow the same trend of higher prices.”
Bitcoin ETFs, a major driver of price appreciation, collectively posted $3 billion in inflows Thursday, snapping a 13-day streak — and their longest streak ever — of outflows. Total assets across all bitcoin ETFs fell to $80.4 billion from $107.8 billion on May 14.
Others see the recent move as an opportunity to buy the dip. Speaking to CNBC’s Squawk Box Europe on Friday, Strive Chief Executive Matt Cole said bitcoin’s fundamentals have “never been better.”
“This is the fifth time that bitcoin has reached its 200-week average – the last four have all been perfect times to buy the dip, and I think this time will age in the same way,” he added.
