Bitcoin Drops Below $62,000 as Traders Weigh a Coming SpaceX Listing

Bitcoin extended its decline this week, breaching the $62,000 level on June 5 and triggering more than $1.5 billion in liquidations of leveraged long positions, according to market data. The selling then accelerated. Bitcoin fell below $60,000 and reached as low as $59,227, its lowest level since October 2024, after a stronger-than-expected United States employment report for May (the economy added 172,000 jobs against expectations near 85,000) set off a broad retreat across stocks, bonds and digital assets. The move continues a steep decline from the asset's October 2025 peak, and it has revived a familiar question about where the money is going.

CoinDesk examined whether retail traders are selling bitcoin to raise cash for an anticipated SpaceX public offering. Its review of exchange flows and stablecoin movements through the selloff found no large movement of money leaving crypto for traditional currency, a sign that holders may be rotating within digital assets or stepping back temporarily rather than exiting outright. The offering is now scheduled to begin trading on the Nasdaq on June 12, with pricing expected the prior evening, but the outlet cautioned that major venues such as Robinhood and Coinbase will not publish their figures until July, so the picture remains incomplete.

The episode is a useful reminder of how bitcoin actually trades. Its defenders describe it as hard money outside the control of any central bank, yet in practice it has behaved this year as a risk asset that rises and falls more sharply than the broad market, declining alongside broad investor caution and amplified by leverage. The contrast with gold, which has held near $4,400 an ounce through the same period, shows that the market still treats the two very differently when investors become fearful.

Whether the SpaceX listing draws capital out of crypto or simply runs in parallel will be clearer once exchange data arrives next month. For now, the absence of a visible movement into cash is the most concrete fact available, and it argues against the simplest explanation, a panicked move into traditional currency.