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Bitcoin fell below $60,000 this weekend for the first time since 2024, erasing every gain made since Trump's election. On the same day, the full text of the Strategic Bitcoin Reserve bill dropped in Washington, formally proposing that the US government put Bitcoin on its national balance sheet alongside gold.

The people panic-selling and the people writing legislation are not watching the same market. That gap is worth understanding before Friday, when the SpaceX IPO prices and every financial outlet on earth gets very loud about something else entirely.

Good morning. Two stories this week that cut through the noise. Let's get into it.

Bitcoin fell below $60,000 for the first time since 2024 this weekend before rebounding to $62,570. May's stronger-than-expected jobs report pushed rate hike odds to 40% for December, the dollar strengthened, and sentiment tipped into extreme fear. The RSI printed 22, a level that has historically marked capitulation lows, firing just 11 times since 2018.

Gold is down 4.6% on the week, hitting its lowest since late March as the stronger dollar and rate hike fears pushed metals lower simultaneously. Iran and Israel agreed to halt attacks Tuesday morning, taking some geopolitical premium off the table. Gold is now holding just above $4,300, which is a meaningful technical support level, the same floor that held in March.

Oil pulled back to $89 after the Iran-Israel ceasefire announcement but remains elevated on structural Hormuz supply disruption. May's NFP print of 172,000 jobs, double expectations, strengthened the dollar and put further pressure on oil-sensitive inflation assets.

₿ Bitcoin crashed below $60K. Washington published the Strategic Reserve bill the same day.

By The Alternative Insider Research Team

On Saturday June 7, Bitcoin touched $59,800, its lowest since November 2024 and the first time it had traded below $60,000 since before Trump's election. Spot Bitcoin ETFs recorded $1.42 billion in outflows as investor sentiment turned decisively risk-off. The Fear and Greed Index hit extreme fear. Crypto Twitter was full of people calling the top and declaring the bull market over.

On the same day, the full text of the BITCOIN Act dropped in Washington. The bill, formally titled the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act, proposes that the US Treasury purchase one million Bitcoin over five years and hold them as a strategic reserve asset alongside gold. The bill includes a 20-year minimum holding requirement. It passed committee review and is heading for a Senate floor vote this week alongside the CLARITY Act.

Who's selling and who's buying

The $1.42 billion in ETF outflows came primarily from retail-weighted funds. Meanwhile Strategy disclosed it purchased an additional 11,931 BTC in May at an average price of $90,124, funded by equity sales. Bitmine, the largest corporate Ethereum holder, filed to raise $300 million via preferred shares paying a 9.5% annual dividend, the same capital structure Strategy pioneered, specifically to buy more ETH at current prices. At least six other publicly traded companies disclosed new or expanded crypto treasury positions in the same week retail was exiting.

This is the same pattern that has repeated throughout Bitcoin's history. Retail panic-sells at local bottoms. Institutions accumulate. The price recovers and the retail sellers spend the next cycle explaining why they sold at exactly the wrong time. What makes this particular instance different is the scale of the institutional buyers and the regulatory backdrop they're accumulating into. The CLARITY Act. The BITCOIN Act. CME's 24-hour futures. Charles Schwab announcing Bitcoin trading for its 35 million accounts. The infrastructure being built around Bitcoin right now is qualitatively different from anything that existed in previous cycles.

The rate hike problem

The sell-off has a legitimate macro trigger. May's jobs report came in at 172,000, roughly double expectations, and pushed rate hike probability for December above 40%. A Fed that hikes into a war-stressed economy is bad for risk assets in the short term. Bitcoin, despite its long-term hard asset credentials, still trades as a risk asset in the short term when institutional sentiment shifts. The dollar strengthened, yields rose, and everything that wasn't cash or dollars sold off together.

Wednesday's CPI print is the next catalyst. If core CPI comes in below 3%, the hike probability retreats and everything that sold off last week gets a bid. If it comes in hot again, the sell-off has more room to run. Either way, the Strategic Bitcoin Reserve bill doesn't change based on what CPI does. The government writing Bitcoin into national financial strategy is not a sentiment event. It's a structural shift that plays out over years, not days.

🚀 The SpaceX IPO is Friday. The real opportunity isn't the IPO.

SpaceX prices Friday at a projected $1.75 trillion valuation, making it the largest IPO in history. Every financial publisher in the world has spent two weeks telling their readers to buy it, not buy it, buy something adjacent to it, or buy something that benefits from it. The noise is deafening.

Here's what gets missed in IPO week: the people who made real money on SpaceX are the early employees, the Series A investors, and the sovereign wealth funds that got allocation in private rounds at $50 billion and $200 billion valuations. By the time retail investors can buy on Friday, the 35x return has already happened. The IPO is not the opportunity. It's the exit.

The more interesting question is what happens to capital markets in the week after the IPO. A $1.75 trillion offering is a massive liquidity event. Institutional investors who held SpaceX in private funds need to rebalance. Index funds need to buy it to maintain weightings. And a significant portion of the retail capital that has been sitting on the sidelines waiting for the IPO will get deployed into adjacent technology and infrastructure themes, because that's what happens when a headline event validates an entire sector.

SpaceX holds $1.29 billion in Bitcoin on its balance sheet. That fact is now in every IPO prospectus being read by institutional buyers this week. The same buyers who are being forced to study SpaceX's financials are being introduced, some of them for the first time in a formal due diligence context, to a company with a 10-figure Bitcoin position. That's not nothing.

The pattern from history is clear. The internet boom minted more fortunes in the infrastructure plays than in the companies that got the headlines. Cisco, not Netscape. The fiber, not the browser. The SpaceX IPO will generate enormous wealth for the people who were already in. The question worth asking this week is what the SpaceX moment does to the assets positioned underneath the next wave, while everyone is busy staring at the rocket.

Disclaimer: Alternative Insider News is a financial education and research publication. Nothing in this email constitutes investment advice, financial advice, or a recommendation to buy or sell any security or digital asset. We may earn affiliate commissions from partners mentioned in this newsletter. Always do your own due diligence before making any investment decision. Past performance is not indicative of future results. Cryptocurrency investments involve significant risk and may result in loss of capital.