172K Jobs. $59K Bitcoin. Half of All BTC Is Now Underwater. June 6. — Bangladesh Guide
May NFP surged to 172K vs 85K expected, crushing rate cuts. BTC hit $59,100. 10.5M BTC now in unrealized loss. $62B wiped from corporate treasuries. Binance referral code RATE20 gives 20% discount. Tailored for Bangladesh traders with BDT deposit methods.
For Bangladesh Traders
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Crypto trading operates in a regulatory gray area. P2P is the primary method.
The U.S. economy added 172,000 jobs in May — more than double the 85,000 consensus. Previous months were revised up by 93,000. Bitcoin’s response was immediate: BTC crashed to $59,100 — its worst week of 2026, down 26.8% in a month. And here’s the number that tells you where we are in the cycle: 10.5 million BTC are now held at an unrealized loss, versus 9.8 million in profit. More than half of all Bitcoin in existence is underwater. That metric has marked every major bear market bottom in Bitcoin’s history.
Rate cuts aren’t just dead — rate hikes are back on the table. Polymarket assigns 52% probability to a Fed rate increase before year-end. BNP Paribas is forecasting three hikes starting December. This isn’t the macro environment anyone was positioned for three months ago.
The Jobs Report That Changed Everything
May’s NFP crushed expectations across every dimension. The labor market isn’t cooling — it’s reaccelerating.
| May NFP Data | Expected | Actual |
|---|---|---|
| Nonfarm payrolls | 85,000 | 172,000 |
| Unemployment rate | 4.3% | 4.3% |
| Average hourly earnings (MoM) | 0.3% | 0.3% |
| Average hourly earnings (YoY) | 3.4% | 3.4% |
| March revision | +185K | +214K (+29K) |
| April revision | +115K | +179K (+64K) |
| Combined revisions | — | +93,000 |
Leisure and hospitality added 70,000 jobs. Local government added 55,000. Healthcare added 35,000. The only weak spot was financial activities, which shed 22,000 — bringing total losses in that sector to 107,000 since May 2025.
The revisions are almost as important as the headline. March and April were revised up by a combined 93,000 jobs. That means the labor market was stronger than reported for two consecutive months. The narrative that the economy was “gradually cooling” just collapsed.
For crypto, the implication is brutal. A hot labor market means the Fed has zero cover to cut rates. CME FedWatch now shows 42.7% odds that rates will be higher by December — not lower, higher. The market has completely inverted from three months ago, when September cuts were consensus. Now the debate isn’t “when do they cut” — it’s “do they hike?”
Half of All Bitcoin Is Now Underwater
This is the stat that matters more than the price. CoinDesk reports that Bitcoin supply in loss has overtaken supply in profit for the first time this cycle — a metric that has marked every major bear market bottom in history.
| Supply in Profit vs. Loss | Value |
|---|---|
| BTC in unrealized loss | 10.5M BTC |
| BTC in unrealized profit | 9.8M BTC |
| Total circulating supply | ~20M BTC |
| Share underwater | 52.5% |
| Short-term holder loss ratio | All-time worst |
| LTH underwater supply | 5.3M BTC (exceeds post-FTX) |
Short-term holders are realizing losses at the biggest level in history. Long-term holders now control 5.3 million BTC at a loss — exceeding post-FTX levels and representing the highest amount of underwater long-term supply since the COVID crash.
The contrarian signal is screaming. In 2015, 2019, March 2020, and November 2022, the supply-in-loss exceeding supply-in-profit crossover marked the exact zone where bear markets ended. Not the exact day — the zone. The pain lasted weeks to months after the crossover, but the eventual bottom was always within range.
The caveat: “within range” can mean 10-30% more downside before the turn. In 2022, the crossover happened at $21K and the bottom was $15.5K — another 26% lower. If the same percentage applies today, $59K could still have a date with $44K before the cycle ends.
Corporate Treasuries Lost $62 Billion
The BTC treasury strategy that worked from 2020 to 2025 is now hemorrhaging.
| Company | BTC Holdings | Avg Cost | Unrealized Loss |
|---|---|---|---|
| Strategy | 843,706 BTC | ~$75,000 | -$12.8B |
| Tesla | 11,509 BTC | ~$31,000 | In profit |
| SpaceX | 18,712 BTC | Unknown | Mixed |
| Marathon Digital | ~44,000 BTC | ~$72,000 | Deep loss |
Strategy is sitting on $12.8 billion in unrealized losses with an average acquisition cost around $75,000. The company that convinced Wall Street that “never selling” Bitcoin was a strategy, not a religion, is now the poster child for concentration risk. The $62 billion combined wipeout across public companies holding BTC as a treasury asset raises a fundamental question: is the corporate Bitcoin treasury model broken?
Hyperliquid’s treasury is the only crypto-native DAT still in profit. Everyone else — Strategy, Marathon, Riot, Coinbase — is bleeding. The model works in a bull market. In a bear market, it’s a leveraged bet that can’t be unwound without destroying the thesis.
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SpaceX IPO: $75B Raise, 18,712 BTC, and the Liquidity Vacuum
The biggest IPO in capital markets history is one week away — and it holds more Bitcoin than Tesla.
| SpaceX IPO Details | Value |
|---|---|
| IPO price | $135/share |
| Capital raise | $75 billion |
| Valuation | ~$1.75 trillion |
| Bitcoin holdings | 18,712 BTC (~$1.1B) |
| Ticker | SPCX (Nasdaq) |
| Target listing date | June 12, 2026 |
| Retail allocation | Up to 30% |
SpaceX’s S-1 revealed 18,712 BTC on its balance sheet — worth approximately $1.1 billion at current prices. That’s more than Tesla’s 11,509 BTC and considerably above previous estimates of 8,285 BTC.
The $75 billion raise — triple the size of Saudi Aramco’s record 2019 listing — will vacuum institutional capital from every asset class. Goldman Sachs, Morgan Stanley, BofA, Citi, and JPMorgan are leading the syndicate. Roadshows begin June 8. Pricing expected June 11.
The liquidity concern is real: SpaceX’s IPO, combined with anticipated fundraising from OpenAI and Anthropic, could attract more than $240 billion by year-end. That’s capital competing directly with crypto for the marginal institutional dollar.
The bull case: $8 trillion sits in U.S. money market funds. If SpaceX draws capital from the sidelines rather than from existing risk positions, the impact on crypto could be muted. The bear case: institutions have a finite risk budget, and SpaceX just became the most attractive risk asset on Earth.
ETF Outflow Streak Ends — Barely
One bright spot in the wreckage: the 13-day ETF outflow streak ended Thursday with a net inflow of $3.05 million. Ether ETFs also ended a 17-day streak with $19.30 million in inflows.
| ETF Outflow Streak Summary | Value |
|---|---|
| Duration | 13 consecutive days |
| Total outflows | $4.33B / 59,351 BTC |
| AUM decline | $104.29B to $80.40B |
| 20-day trailing outflows | $5.42B / 73,080 BTC (record) |
| Streak-breaking inflow | $3.05M (barely positive) |
| YTD net flows | Negative |
A $3.05 million inflow after $4.33 billion in outflows is not a reversal — it’s a rounding error. But the streak ending matters psychologically. The question is whether Friday’s hot NFP restarts the outflow machine or whether the selling is truly exhausted at $80.4B in AUM.
The ETF complex has lost $24 billion in AUM in three weeks — from price decline and redemptions combined. Year-to-date flows have turned negative for the first time in 2026, undoing the recovery built through March and April.
The Week’s Damage Report
Bitcoin’s worst week of 2026, by the numbers:
| Metric | June 1 | June 6 | Change |
|---|---|---|---|
| BTC Price | ~$73,600 | ~$59,100 (low) | -19.7% |
| Fear & Greed | 23 | 12 | Deeper extreme fear |
| Total liquidations (week) | — | $5B+ | Largest week of 2026 |
| ETF AUM | $85B | $80.4B | -$4.6B |
| BTC from ATH | -42% | -53% | Half the value gone |
| Supply in loss | Below 50% | 52.5% | Historic crossover |
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The Bottom Line
May NFP at 172,000 killed the last hope for 2026 rate cuts. Polymarket now prices 52% odds of a rate hike before December. Bitcoin crashed to $59,100 — down 53% from October’s ATH, down 27% in a month. More than half of all Bitcoin is underwater. Corporate treasuries have lost $62 billion. The ETF outflow streak ended with a $3.05 million whimper. And next week, SpaceX absorbs $75 billion of institutional capital in the largest IPO in history.
But the signal that matters most isn’t the price — it’s the supply-in-loss crossover. Every time more than half of all BTC has been underwater — 2015, 2019, 2020, 2022 — it marked the zone where the bear market ended. Not the exact bottom, but the zone. The pain isn’t necessarily over. But history says the worst of it is.
Whether you’re a believer or a skeptic, the data is clear: Bitcoin is in the kind of stress zone that creates generational bottoms. The question is whether this time the stress ends in weeks — or in months, with another 20-30% lower first. FOMC on June 16-17 will answer a lot. Until then, $59K is the new floor to watch.
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Why did Bitcoin crash below $60,000 in June 2026?
Bitcoin crashed to $59,100 on June 5, 2026, after the May nonfarm payrolls report surged to 172,000 — more than double the 85,000 consensus — crushing any remaining hopes for Federal Reserve rate cuts in 2026. The hot jobs report, combined with upward revisions of 93,000 to previous months, prompted Polymarket to assign 52% probability to a Fed rate hike before year-end, while BNP Paribas forecast three rate increases starting December. The crash extended Bitcoin’s worst week of 2026, with BTC falling 26.8% in a month to more than 53% below its October 2025 all-time high. More than half of all Bitcoin in circulation (10.5 million BTC) is now held at an unrealized loss — a metric that has historically coincided with every major bear market bottom. The 13-day ETF outflow streak totaling $4.33 billion ended Thursday with a tiny $3.05 million inflow, while corporate Bitcoin treasury holders lost a combined $62 billion in market value. The SpaceX IPO on June 12, raising a record $75 billion, adds further liquidity pressure.
This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
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