Bitcoin clawed back above $62,000 on June 7 after a brutal week that wiped $390 billion from the crypto market — and Galaxy Digital CEO Mike Novogratz told investors the selloff doesn't change the long-term thesis.
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Bitcoin rebounds to $62,000 as Novogratz declares 'it isn't dead'
Bitcoin clawed back above $62,000 on June 7 after a brutal week that wiped $390 billion from the crypto market — and Galaxy Digital CEO Mike Novogratz told investors the selloff doesn't change the long-term thesis.
Bitcoin rose 1.7% to $61,833 as of 08:33 UTC, recovering from a brief dip below the $60,000 threshold on June 5, according to CoinGecko data. The rebound came after one of the worst weeks for digital assets since the FTX collapse in late 2022, with Bitcoin losing more than 17% and Ethereum dropping roughly 20%.
"It's not dead," Novogratz said in a public commentary on June 7, pushing back against the narrative that the selloff signaled structural damage. The Galaxy Digital CEO's endorsement carries weight in the crypto community — his firm manages billions in digital asset exposure and has navigated multiple boom-bust cycles since 2018.
The selloff was driven by a cascade of liquidations and macro pressure. CoinGlass data showed nearly $7 billion in leveraged positions were wiped out during the week, with long positions accounting for about $5.7 billion of the total. The liquidation cascade accelerated after a stronger-than-expected U.S. jobs report on June 5 pushed Treasury yields higher, reinforcing expectations that the Federal Reserve could keep rates elevated. Spot Bitcoin ETFs recorded a 13-day outflow streak through early June, pulling more than $4.3 billion, according to BeInCrypto data. One week alone saw $3.4 billion exit.
Strategy (formerly MicroStrategy) added to the pressure by selling 32 BTC worth roughly $2.5 million — its first Bitcoin sale since 2022. While the transaction was small relative to the company's roughly $18 billion Bitcoin hoard, it raised concerns among investors who viewed the firm as a consistent source of demand.
The macro setup remains the dominant force for Bitcoin in the near term
Bitcoin's correlation with risk assets has tightened during the selloff, making Fed policy the primary variable. The jobs report pushed fed funds futures to price out a June rate cut, and the 10-year U.S. Treasury yield rose 0.66% to 4.571%. Higher rates reduce the appeal of speculative assets, and Bitcoin has historically struggled in tightening cycles.
Bitcoin dominance — its share of the total crypto market cap — sits near 58%, according to CoinMarketCap data, after climbing as high as 65% in mid-2025. The Altcoin Season Index from CoinMarketCap stands at 51, well below the 75 threshold that signals capital rotation into altcoins. That means Bitcoin is still outperforming most of the top 100 cryptocurrencies over the past 90 days, a dynamic that typically precedes broader market recoveries.
On-chain signals and institutional flows tell a mixed story
Despite the price decline, several structural indicators point to accumulation. Rainbow Chart indicators flashed "fire-sale" conditions on June 5, according to BeInCrypto — the first such signal this cycle. Bitcoin wallets dating back to 2011 became active after more than a decade of dormancy, underscoring the value held by early adopters.
On the institutional side, JPMorgan Chase, Bank of America, and Citigroup announced plans to launch a shared tokenized deposit network by 2027, allowing deposits to move across blockchain infrastructure with around-the-clock settlement. The move signals continued adoption of blockchain technology by the largest U.S. lenders, even as spot Bitcoin ETF flows remain negative.
The key level to watch is $60,000 support. If Bitcoin holds above that threshold, analysts see a path toward $65,000-$68,000 as short-term positioning resets. A break below could open the door to $55,000, a level not tested since February. Longer-term forecasts from JPMorgan see a path toward $150,000 to $170,000 through 2026 and beyond, though the near-term trajectory depends on macro conditions and ETF flow reversal.
This article is for informational purposes only and does not constitute investment advice.
