After five consecutive trading days of losses, on June 5, the Asian session once again triggered a sharp selloff in Bitcoin. The intraday drop surged past 12%, and the price briefly dipped to $61,397, edging toward the crucial $60,000 support level. This marked the bleakest weekly performance since November 2022, with an overall weekly decline of nearly 14% in just a week. Compared with last October’s historic peak of more than $126,000, Bitcoin’s market value has nearly been cut in half. Mainstream cryptocurrencies such as Ethereum fell in tandem—Ethereum dropped to its lowest level since April 2025. Across the entire market, long positions worth billions of dollars were wiped out, and the crypto community fell into widespread lament.