Bitcoin Slides Below $60K as Asian Stocks Drop, Nikkei and Kospi Decline

Bitcoin staged a modest rebound even as Asian equity markets weakened following steep losses on Wall Street.

STRC under pressure

Strategy’s (MSTR) high-yield preferred stock, STRC, continued to face selling pressure in pre-market trading, falling 2.5% to $73.80. Meanwhile, bitcoin (BTC) was little changed from the previous session, hovering around $59,300.

Amid the broader market sell-off in BTC, MSTR (down another 2% pre-market), and STRC, market participants have been quick to offer solutions for Michael Saylor and his team.

One such proposal came from Nakamoto (NAKA) CEO David Bailey, whose own company’s stock has dropped more than 99% since its peak last summer.

In a post on X, Bailey outlined a plan to “make bitcoin moon,” suggesting Strategy raise $2 billion through common equity, pause dividend payments until BTC recovers, and use the cash to buy back preferred shares at a discount. According to him, this would remove the need for forced MSTR or BTC sales, stabilize the preferred stock, and restore investor confidence.

Accumulation returns across all cohorts

With bitcoin trading below $60,000, all wallet cohorts tracked by Glassnode’s Accumulation Trend Score have shifted back into accumulation for the first time this year.

The overall score has remained firmly in accumulation territory for the past month, indicating widespread buying activity. Smaller retail investors holding less than 1 BTC led the trend, while the largest whale cohort—wallets holding over 10,000 BTC—has now also joined in.

Risk-off sentiment dominates

Friday’s pre-market session reflected a risk-off environment, with bitcoin trading below $60,000, down less than 1%. Precious metals saw modest gains, with gold holding above $4,000 per ounce and silver above $58. The U.S. Dollar Index (DXY) remained above 101, adding pressure on risk assets.

Technology stocks were also under strain, with the Nasdaq 100 ETF (QQQ) down 1%. Semiconductor stocks such as Micron (MU) and Sandisk (SNDK) dropped about 5% after strong rallies the previous day.

Bitmine to join Russell 1000

Bitmine Immersion Technologies (BMNR), an ether treasury firm, is set to be added to the Russell 1000 Index on June 26, a move likely to boost institutional ownership as index-tracking funds incorporate the stock.

The company reportedly holds 5.67 million ETH (valued at $8.82 billion), along with $601 million in cash and securities, $350 million in preferred equity, and no debt, while generating an annualized staking yield of $233 million. Its shares, however, are down 93% from their July 2025 peak.

Saylor addresses volatility

Michael Saylor, executive chairman of Strategy, acknowledged market turbulence in a post on X, stating that volatility tests every capital structure. He emphasized the company’s continued focus on bitcoin, disciplined capital allocation, credit strength, and long-term value creation.

Strategy shares extended their decline in pre-market trading after falling 9% in the previous session to around $85, leaving the stock more than 85% below its November 2024 peak. STRC is trading near $75, roughly 25% below its $100 par value.

Crypto heads for third straight quarterly loss

Major cryptocurrencies including BTC, ETH, XRP, and SOL are on track for a third consecutive quarterly decline, a pattern last seen during previous bear markets.

Bitcoin is down about 12% for the June quarter, following declines of 23% and 22% in the prior two quarters. Ether has dropped 25% this quarter, while XRP and SOL are down 22% and 16%, respectively.

A few tokens have bucked the trend, with HYPE and ZEC gaining more than 60%, and NEAR rising over 50%.

ETF outflows persist

U.S. spot bitcoin ETFs recorded $696 million in net outflows on Thursday, marking six consecutive days of redemptions. Ether ETFs also saw $81.9 million in outflows over the same period.

BlackRock’s IBIT led BTC ETF outflows with $63 million, while Grayscale funds lost $23 million. In ether ETFs, BlackRock’s ETHA accounted for $63 million in outflows, with minimal inflows elsewhere.

Tether briefly overtakes ether

Tether’s USDT briefly surpassed ether to become the second-largest cryptocurrency by fully diluted market capitalization, reaching $191.5 billion compared with ETH’s $187.5 billion after a sharp decline in ether prices.

Liquidations top $1 billion

More than $1 billion in crypto positions were liquidated over the past 24 hours, with long positions accounting for $842 million. Bitcoin led with $489 million in liquidations, followed by ether at $295 million.

BTC traded near $59,750, down 2.8% on the day, with its 24-hour low of $58,188 approaching levels where an additional $1.6 billion in leveraged long positions could be at risk.

Quarter-end options expiry is expected to be a key catalyst, with large volumes of contracts expiring simultaneously, potentially amplifying price volatility.

BTC rebounds as Asian stocks slide

Bitcoin recovered from overnight lows, rising to around $59,800 after dipping to $58,206. Despite the bounce, it remains down more than 5% for the week and nearly 20% for the month.

Analysts note that the $50,000–$60,000 range has historically acted as a key support zone, where buyers tend to step in.

Meanwhile, Asian equities came under heavy pressure, with South Korea’s Kospi index falling 8% and Japan’s Nikkei declining 3%, following a sharp risk-off move on Wall Street.

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