The BTC market trended downward throughout this week. After a temporary drop of over 500,000 yen between June 1 and 2, it fell further by nearly 1 million yen from June 2 to 3. Around midday on June 4, BTC dipped below 10 million yen for the first time in about three months, and in the early hours of June 6, it hit a new year-to-date low. Even in US dollar terms, it slipped below $60,000, touching its lowest level in about 20 months since October 2024.
The decline was driven by a confluence of multiple negative factors. First, MicroStrategy, one of the world's largest Bitcoin treasury companies, sent shockwaves through the market by selling 32 BTC to fund dividends for its preferred stock. Since Executive Chairman Michael Saylor had repeatedly maintained a strict "never sell" policy for BTC, this unexpected sale raised broader concerns about the financial health of crypto treasury companies as a whole.
In addition, massive fund movements by the defunct exchange Mt. Gox intensified market anxiety over a potential sell-off. Approximately 10,306 BTC were transferred to a new wallet, and transactions heading toward Bitstamp were also confirmed, leading the market to brace for selling pressure associated with creditor repayments.
Macroeconomic headwinds also grew stronger. With the US employment data released on June 5 beating market expectations, hopes for monetary easing by the Federal Reserve (FRB) receded, giving rise to speculation of higher interest rates. For Bitcoin, which yields no interest, rising US interest rates serve as a factor that diminishes its relative attractiveness as an investment.
Furthermore, optimism surrounding the passage of the Clarity Act, currently under debate in the US, has slightly cooled after JPMorgan CEO Jamie Dimon expressed a negative outlook on the bill. Speculation about an IPO for SpaceX—which could potentially be the largest in history—also fueled concerns that investment capital might shift into the equity market. The combination of token-specific factors, regulatory uncertainty, and a deteriorating macro environment ultimately caused market sentiment to chill significantly.
