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- 🙁 It's Over For Crypto
🙁 It's Over For Crypto
And Strategy might be caught in the middle of all of it.
Ivan
June 05, 2026
Happy Friday!
Bitcoin is going through a bonafide crash, losing 25% of its value in 30 days. Sentiment has hit COVID level lows — is the bottom in?
Strategy is in trouble, according to Grayscale’s Head of Research. With MSTR at $125 or lower, the company’s ability to buy more Bitcoin is practically shut down, he says.
Plus, join Direxion on June 11 at 11:00 AM ET to discuss the market’s biggest themes shaping retail trading, including precious metals, crypto, tech and semiconductor stocks. Hosted on Benzinga’s platform, this live bootcamp will explore how active traders are navigating volatility, macro trends, and sector-driven opportunities using ETFs.
TOP STORY
Bitcoin crashed below $60,500, Ethereum plunged 9% to $1,603, and Solana shed 5.8% to $64 — with all three posting 15-20% losses in a single week and sentiment hitting levels not seen since the March 2020 COVID crash.
Bitcoin's daily RSI hit 17, one of the most oversold readings in a decade, matching the February 2026 selloff and the COVID panic low — and on-chain data shows Bitcoin trading at one of its largest historical discounts relative to gold.
The must-hold levels are $62,000 and $58,600, the Bitcoin Power Law support.
And 6th Man Ventures founder Mike Dudas says despite all that, he isn't buying the dip…
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Benzinga’s Gianni Di Poce will be joined by Direxion’s Ed Egilinsky for a dynamic conversation covering gold and silver trends, the evolving crypto landscape, AI-driven semiconductor momentum, and broader tech sector opportunities. Attendees will gain insights into current market narratives, trader sentiment, and tactical ways investors are positioning around today’s most closely watched sectors.
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QUICK N DIRTY
Tom Lee is underwater on his bags but remains undeterred. Selling ETH here is like selling Amazon at $6 he says: ‘you’re bearish at the bottom.’
Bitcoin is exhibiting classic ‘crypto winter’ behavior, according to Bitwise’s Matt Hougan. How long will this winter last?
25% in one month is quite the drop, even by Bitcoin’s standards. How does it compare to the last bear market?
FINTECH FOCUS
Grayscale's Zach Pandl says Strategy has effectively lost its ability to accumulate more Bitcoin.
The company's $10.8 billion record unrealized loss and STRC slipping to $95.42 below its $100 par value are forcing higher dividend obligations and squeezing the very capital engine that made Saylor's playbook work.
"Strategy, which historically has been a net buyer of BTC, will have a limited ability to accumulate more tokens at current share prices," Pandl wrote.
The debate over what this means split hard Thursday: Saylor called the $4 billion in ETF outflows since May 14 a "capital rotation" into AI stocks absorbing $400 billion over six months — "volatility creates opportunity."
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