Bitcoin reclaimed the $61,000 level in Asian morning hours Saturday after briefly dipping below $60,000 overnight, steadying after a strong U.S. jobs report on Friday triggered a sharp selloff across stocks, bonds and crypto.

The token fell as low as $59,227 before buyers stepped back in, and was trading around $61,000, down about 1.3% on the day.

The bounce came off a level traders had been watching closely. Bitcoin had been sliding toward $60,000 all week as a record run of ETF outflows and Strategy’s first bitcoin sale since 2022 removed buyers that had supported the price. The break below the round number overnight did not turn into a deeper breakdown, with the token recovering more than $1,500 off the low.

The selloff that drove the dip started outside crypto. Friday’s nonfarm payrolls report came in solid, and rather than cheering the strength, markets repriced the Federal Reserve outlook hard. Swaps now fully price a rate increase by the end of 2026, a reversal from the cuts expected under newly confirmed chair Kevin Warsh. Two-year Treasury yields jumped 12 basis points to 4.16%, the dollar rose, and risk assets fell.

The damage was worst in the AI trade. The Nasdaq 100 sank about 5%, its steepest drop since April 2025, and a gauge of chipmakers tumbled 10%. The S&P 500 fell 2.6% and failed to complete a tenth straight weekly gain.

Other tokens remain deep in the red on the week. Ether is down 21.6% over seven days to around $1,575, solana down 23.7% to $63, and XRP, dogecoin and BNB all between 13% and 20% lower. Hyperliquid’s HYPE, which outperformed through most of the recent bleed, is down 9.9% over the same stretch.

The leverage washout was heavy. Around $1.60 billion in positions were liquidated over 24 hours across roughly 308,000 traders, according to CoinGlass, with longs accounting for $1.21 billion. Bitcoin saw $534 million in liquidations and ether $423 million, while Zcash, in the middle of its own 44% collapse tied to a disclosed bug in its Orchard privacy pool, logged another $115 million.

With $60,000 pierced overnight but quickly reclaimed, the question is whether bitcoin can build on the bounce or whether the level gives way on a retest. A clean break below it would put the token back into territory it last traded during the February drawdown.

Greece has prepared plans for a 15% cryptocurrency capital gains tax as officials move to bring digital assets into the country’s tax system.

According to a report, Greece’s Finance Ministry is drafting legislation that would impose a 15% tax on profits from cryptocurrency investments, filling a gap in a tax framework that currently lacks dedicated rules for digital assets.

Two government officials familiar with the matter disclosed that the proposal is expected to reach parliament in the coming months. One senior official said the legislation would formally incorporate cryptocurrencies into Greece’s tax code, creating a clearer set of rules for investors and tax authorities.

Under the proposal, the first €500 ($580) in crypto gains would be exempt from taxation. A second official said that the measure would apply to capital gains from cryptocurrency investments but would not cover individuals mining digital assets.

Mining activities conducted through registered companies, however, would remain subject to taxation.

The move places Greece among a growing number of jurisdictions seeking to capture revenue from digital asset activity. Crypto taxation across Europe varies significantly, ranging from about 8% in Cyprus to as much as 30% in France, with most countries taxing capital gains rather than individual transactions.

Governments are expanding crypto tax oversight

Alongside Greece’s proposal, authorities in several countries have recently intensified efforts to improve crypto tax compliance.

Earlier this week, crypto.news reported that the Israel Tax Authority received far fewer disclosures than expected under a voluntary crypto tax reporting program launched in August 2025. As per the report, the authority had hoped to recover up to $1 billion in tax revenue from undeclared cryptocurrency profits but has so far received disclosures covering only about $50 million in crypto assets.

58 taxpayers had used the program, which allows eligible crypto holders to avoid criminal prosecution if they correct past filings and pay outstanding taxes. Taxpayers must complete disclosures and settle liabilities before Aug. 31, 2026, while eligibility is limited to investors whose crypto holdings did not exceed roughly $522,000 as of December 2024.

Back in Greece, officials said that estimating the size of the domestic crypto market remains difficult because many investors use trading platforms located outside the country. As a result, authorities have not yet produced revenue forecasts tied to the proposed tax.

Transaction taxes are also gaining attention

Elsewhere, lawmakers in Illinois have advanced a different approach to taxing digital assets.

According to a fiscal year 2027 budget bill approved by the Illinois General Assembly, the state plans to introduce a 0.2% tax on cryptocurrency transactions facilitated by digital asset brokers. State budget documents estimate the measure could generate approximately $60 million in revenue annually.

Crypto.news previously reported that the proposal, known as the Digital Asset Privilege Tax Act, would require digital asset brokers to register with the state before conducting covered transactions.

The legislation also includes criminal penalties for non-compliance, with unregistered operations potentially facing Class 3 felony charges after Jan. 1.

Industry opposition has already emerged. In a joint letter, the Digital Chamber and the Illinois Blockchain Association argued that the proposal could damage the state’s digital asset sector and noted that no other U.S. state currently imposes a comparable crypto transaction tax.

Against that backdrop, Greece’s proposal adds another example of governments seeking formal mechanisms to tax cryptocurrency activity, even as officials continue to grapple with the challenges of tracking profits generated across global trading platforms.

This article was updated with comments from Bitget CEO Gracy Chen.

Bitget has expanded the use of 15 tokenized stocks and ETFs by enabling them as margin collateral for USDT-M futures trading through its Unified Trading Account and Multi-Asset Mode.

According to a press release shared with crypto.news, the update took effect on June 4 and allows traders to use selected tokenized equities and exchange-traded funds to meet margin requirements while maintaining futures positions. Newly eligible assets include rAAPL, rAMZN, rMETA, rMU, rTSLA, rGOOGL, rNVDA, rINTC, rMSFT, rASML, rAVGO, rTSM, rQQQ, rSPY, and rSNDK.

Under Bitget’s Unified Trading Account structure, users can manage spot holdings, derivatives positions, and margin obligations within a single account. The exchange said Multi-Asset Mode for USDT-M futures now allows these tokenized instruments to contribute toward collateral requirements, reducing the need to convert assets into a single settlement currency before entering futures trades.

Speaking about the rollout, Bitget CEO Gracy Chen said users increasingly want more ways to put tokenized assets to work across different trading activities as adoption of tokenized financial products grows.

“As tokenized assets continue to gain traction across global markets, users are looking for more ways to utilize their holdings across different trading activities. Adding tokenized stocks and ETFs as margin assets increases flexibility within the Unified Trading Account and supports a more seamless experience across crypto and traditional market products.”

Tokenized products gain a larger role inside Bitget’s ecosystem

The latest addition builds on Bitget’s recent push into tokenized financial products. In May, the exchange introduced Reality, a regulated tokenization platform that issues blockchain-based rTokens backed 1:1 by publicly traded U.S. stocks and ETFs held through regulated broker-dealers.

According to Bitget’s May announcement, Reality was designed to provide on-chain access to traditional financial assets while addressing issues that have historically limited tokenized markets, including liquidity constraints and the handling of dividends and corporate actions. The company said rTokens are supported by infrastructure connected to major U.S. exchanges and backed by reserve attestations conducted through accounting firm The Network Firm.

Several of the assets added as margin collateral this week originate from the Reality product suite. Rather than limiting those tokens to spot market exposure, Bitget is now allowing traders to deploy them within its derivatives framework.

During the same month, Bitget also launched SPCXUSDT, a SpaceX-linked pre-IPO perpetual contract that lets traders speculate on market expectations surrounding a potential public listing without owning SpaceX shares. The exchange also introduced IPO-linked products and expanded access to tokenized equities through multiple offerings tied to public and private markets.

Competition grows in tokenized asset markets

Beyond its exchange platform, Bitget Wallet integrated xStocks infrastructure in May, bringing access to more than 130 tokenized stocks and ETFs through a self-custodial wallet. Bitget Wallet said the move increased its tokenized real-world asset offering to more than 300 products, including equities, commodities, precious metals, and index-linked assets.

According to Bitget, its tokenized equity products have processed more than $30 billion in trading volume since 2025. The company has also stated that users can access more than 100 tokenized stocks, ETFs, commodities, foreign exchange products, and precious metals through its trading ecosystem.

Bitcoin price traded near $61,925 on June 5 as selling pressure kept BTC close to the $60,000 support zone, with ETF flows, whale deposits, and weak sentiment driving the next market test.

Bitcoin price nears $60,000 support

Bitcoin price data from crypto.news showed BTC at $61,925, down 3.44% over 24 hours and 15.82% over seven days. The asset traded between $61,394 and $64,353 during the day, while 24-hour volume stood at $56.21 billion.

The latest move placed Bitcoin just above the $60,000 level. That round number has become the main support zone after BTC lost the $65,000 area and failed to hold earlier ranges near $70,000.

Bitcoin has now dropped sharply from last week’s levels above $74,000. The pullback also took BTC far below its October 2025 all-time high of $126,080, with crypto.news data showing a drawdown of more than 50%.

A break below $60,000 would move Bitcoin back into the zone seen during the February drawdown. If sellers keep control below that level, traders may turn to the $55,000 area as the next major support.

ETF outflows and Strategy sale weigh on sentiment

Bitcoin’s latest fall comes as ETF demand weakens. U.S. spot Bitcoin ETFs recently posted heavy outflows.

Fresh ETF data also showed a small $3.05 million daily net inflow on June 4, per SoSoValue. However, that single inflow came after 13 consecutive days of net outflows and did not erase the broader pressure. Total net assets still stood near $80.40 billion, while cumulative net inflows remained strong at $54.27 billion.

Strategy also drew market attention after disclosing its first Bitcoin sale since 2022. The company sold 32 BTC at an average price of $77,135 between May 26 and May 31, raising about $2.5 million for preferred stock distributions.

The sale was small compared with Strategy’s overall holdings. Still, traders watched it closely because Strategy had long acted as a steady corporate buyer during previous market stress.

Michael Saylor framed the weakness as part of a wider capital rotation. He said spot Bitcoin ETFs had seen about $4 billion in outflows since May 14 while capital markets funded AI infrastructure at scale. He called it “a capital rotation, not a Bitcoin impairment.”

Whales move BTC back to Binance

CryptoQuant analyst Darkfost said whale BTC deposits on Binance have accelerated during the June selloff. The analyst defined whales as entities moving more than 100 BTC, equal to over $6 million at current prices.

According to the update, Binance saw whale inflow peaks of about 8,200 BTC on June 2 and more than 6,400 BTC on June 4. The monthly average has also risen from about 1,200 BTC since mid-April to more than 2,800 BTC.

That change shows large holders are moving more coins onto exchanges. Such transfers can signal plans to sell, hedge, or manage risk during a fast market decline.

Darkfost said this behavior looked more like emotional risk management than a planned long-term move. The last time Binance whale inflows reached similar levels was during Bitcoin’s fall below $60,000 in early February.

This adds short-term selling pressure while price trades near a key level. If whale inflows stay elevated, BTC may struggle to reclaim lost support without stronger spot demand.

Sentiment flips as traders watch $55,000

Santiment data showed Bitcoin sentiment turned sharply lower after price fell from the late-May high. The firm said BTC moved from near $78,000 to about $63,800, with most of the decline happening in three days.

Social sentiment was strongly positive near the highs, then turned bearish as price broke down. Santiment said the crowd was most bullish near the top and most bearish near the lower range.

The firm also noted that sentiment is not a timing tool. Still, it said peak fear can sometimes appear near a “potential local bottom.” That wording remains cautious because price has not confirmed a reversal.

Crypto Patel also pointed to lower long-term accumulation zones. He wrote that 2026 to 2027 could become a “potential accumulation period,” with $50,000 to $40,000 acting as a possible spot buying zone if reached.

For now, Bitcoin price analysis remains tied to three levels. Bulls need to defend $60,000 and reclaim $65,000 to ease near-term pressure. Bears need a clean break below $60,000 to open the path toward $55,000 and possibly lower supports.

The next sessions may show whether the current fall is a panic-driven flush or the start of a deeper reset. ETF flows, whale exchange deposits, and Bitcoin’s reaction near $60,000 will likely guide the next move.

Bitcoin and Ethereum trading activity has fallen to multi-quarter lows on Hyperliquid, while volume in equity-linked and pre-IPO perpetual contracts has climbed sharply.

According to a June 5 report from Block Scholes shared with crypto.news, risk sentiment around the two largest cryptocurrencies has continued to weaken, even as speculative demand remains active in other parts of the market. 

The research firm pointed to its in-house Bitcoin and Ethereum Risk Appetite Indexes, which have moved lower over the past week alongside declines in both assets.

Recent weakness in crypto majors has coincided with several market developments. Block Scholes noted that Strategy sold $2.5 million worth of Bitcoin from its holdings, a move that came after years of public commitment from Executive Chairman Michael Saylor to continue accumulating the asset. 

The report also highlighted the longest streak of outflows from U.S. spot Bitcoin ETFs since their launch.

Rather than viewing Bitcoin’s drop toward the low $60,000 region as a sign of fading interest across the entire digital asset market, Block Scholes argued that trading activity has become concentrated in a different set of instruments.

Traders turn to stock and commodity-linked perpetuals

Data from Hyperliquid shows that daily Bitcoin perpetual futures volume has remained near $2 billion, while Ethereum volumes have stayed around $600 million to $700 million, levels Block Scholes described as multi-quarter lows.

At the same time, activity tied to equity and commodity markets has expanded rapidly on the platform. According to Block Scholes, the three most actively traded non-crypto perpetual contracts on Hyperliquid are XYZ100, which tracks the Nasdaq-100, SP500, an S&P 500-linked product, and CL, a contract tied to WTI crude oil.

Combined daily volume across those three markets has reached approximately $1.3 billion, generating $27.1 billion in notional trading volume over the past month. Block Scholes said that total equals about 112% of Ethereum perpetual volume and roughly 38% of Bitcoin perpetual volume on the exchange during the same period.

The report said the development does not necessarily represent a dollar-for-dollar migration of capital from Bitcoin and Ethereum. Instead, the report argued that trader attention and speculative activity that previously supported crypto majors are increasingly being directed toward alternative markets available through the same trading venue.

Pre-IPO contracts draw growing interest

Beyond stock index and commodity products, Block Scholes identified pre-IPO perpetual contracts as another area attracting crypto-native traders.

According to the report, the ratio of pre-IPO perpetual volume relative to Ethereum perpetual volume increased from roughly 0.1% to a peak near 3.0% in recent weeks. Daily trading volume in the segment has climbed from less than $5 million to more than $50 million, with contracts linked to SpaceX accounting for much of the increase.

Block Scholes said the rise has been abrupt and concentrated, with activity accelerating into late May and early June while Bitcoin and Ethereum volumes remained subdued.

The firm’s risk appetite data also showed a divergence among digital assets. While sentiment tied to Bitcoin and Ethereum has weakened, Block Scholes reported that Hyperliquid’s HYPE token is one of the few major crypto assets where its risk appetite indicator continues to move higher.

HYPE risk appetite index. Source: block Scholes.

As previously reported by crypto.news, Binance Research recently published a report noting that capital has been flowing toward a concentrated group of U.S. equity sectors, including artificial intelligence infrastructure, semiconductor companies, defense contractors, energy firms, and commodities. 

According to the report, strong performance in those sectors has historically reduced liquidity available to Bitcoin and other alternative assets.

Using the CBOE Dispersion Index as a measure of market concentration, Binance Research noted that the indicator recently reached 42, its third-highest reading on record. The firm argued that periods of concentrated equity leadership have often coincided with weakness in Bitcoin as investors direct funds toward a smaller group of high-performing themes.

On-chain investigator ZachXBT warned traders to avoid Rain Protocol after claiming that the prediction market project shows weak user traction, questionable wallet links, and possible on-chain price manipulation.

ZachXBT questions Rain Protocol traction

ZachXBT described Rain Protocol as an $8.8 billion project and a top-15 crypto asset by market value. He said the prediction market has few users, limited product traction, no major backers, and a team with little public history in crypto.

The investigator told traders to avoid the project “at all costs.” His warning focused on the gap between RAIN’s reported valuation and its visible product activity.

Rain Protocol had already drawn market attention before the latest alert. Earlier reports said traders had questioned RAIN’s supply structure, liquidity setup, and project links after its fast rise toward a multibillion-dollar valuation.

Wallet trails point to DOP and TOMI

ZachXBT said his on-chain review found wallet links between RAIN team addresses and failed crypto projects, including Data Ownership Protocol and TOMI. He pointed to funding trails involving the Gems hot wallet and several centralized exchange deposit addresses.

He cited two dust transfers sent to the same address on Oct. 14, 2025. One came from a wallet he linked to the RAIN deployer. Another came from a wallet he connected to the TOMI team multisig and a centralized exchange deposit address.

ZachXBT also said the recipient wallet later received funds from another address funded by a DOP multisig. In a separate trail, he said another wallet moved funds to an address that later used the same exchange deposit address as the DOP deployer.

The claims remain allegations unless the project, exchanges, or regulators confirm them. Rain Protocol had not issued a public response in the material reviewed.

Price activity and valuation draw scrutiny

ZachXBT also alleged that RAIN’s price appears manipulated on-chain. He said addresses linked to the deployer used Uniswap V3 liquidity pools while routing spot transfers through the Gems hot wallet.

He also questioned Enlivex, the Nasdaq-listed company tied to RAIN’s digital asset treasury plan. Enlivex announced a $212 million treasury strategy in November 2025, but ZachXBT argued that RAIN does not compare with prediction market platforms such as Kalshi or Polymarket.

DefiLlama data cited in his post showed Rain Protocol with $27.2 million locked on Arbitrum. ZachXBT said the full amount was held in RAIN’s own illiquid token, while the protocol generated about $1 million in annual fees.

Kraken rating cut adds exchange angle

ZachXBT also lowered Kraken from S-tier to B-tier. He cited what he called a “lack of due diligence” before listing tokens he described as low quality or manipulated, including M, RAIN, RIVER, and RAVE.

He also criticized Kraken’s handling of its recent security breach disclosure. He said the exchange did not mention compensation for affected users, while rivals such as Coinbase and Bybit had prioritized customer repayment after past incidents.

ZachXBT said he raised his bounty to as much as $100,000 for insiders who can provide documents or chat logs tied to alleged centralized exchange market manipulation schemes.

The latest Rain Protocol alert now sits within a broader debate over token listings, thin liquidity, market-maker activity, and retail risk. For now, traders are watching whether RAIN or Kraken respond to the claims with verifiable on-chain or operational details.

Kraken is broadening access to SpaceX’s upcoming IPO by enabling participation through its tokenized equities platform, xStocks. The exchange announced that SpaceX will be the first public offering available via IPO Access, a feature that lets eligible users acquire tokenized shares before the actual market open.

Under the program, investors can apply for IPO access through the Kraken mobile app. The offering is not accessible via Kraken Pro or the desktop platform, and eligibility is limited by region and regulatory constraints. Kraken notes that IPO Access is available across the European Economic Area and more than 110 international markets, but participation is unavailable in the United States, Canada, Australia, and the United Kingdom due to local rules.

Investors who receive an allocation will be issued SPCXx, a tokenized representation of SpaceX equity that is backed 1:1 by the underlying shares. The tokens are tradable 24/7 on Kraken and other participating xStocks platforms, enabling around-the-clock liquidity for a portion of the traditional equity lifecycle.

Kraken’s move underscores a broader push to bridge crypto infrastructure with traditional capital markets, offering a familiar stock-like instrument in a programmable, on-chain format. The company has previously highlighted that tokenized equities can give a wider audience access to high-profile listings and provide new trading modalities that operate beyond regular stock market hours.

In related context, prior coverage has highlighted that xStocks has already seen significant on-chain activity, with volumes and wallet activity illustrating growing interest in tokenized equities. This latest SpaceX IPO access case adds another high-profile asset to the roster of tokenized offerings on crypto-native platforms.

SpaceX targets a historic IPO debut

SpaceX is widely expected to begin public trading on June 12, marking a milestone for a privately held company that has grown into a major force in aerospace and satellite communications. Bloomberg, citing demand dynamics around the offering, reports that demand has already outstripped the number of shares available, with SpaceX seeking roughly $75 billion in proceeds and a valuation of at least $1.8 trillion. If reached, that would position SpaceX’s IPO as the largest ever, surpassing the previous record set by Saudi Aramco in 2019.

The growth story driving SpaceX’s valuation remains closely tied to Starlink, its satellite internet business, which has become a meaningful revenue stream and profitability driver for the company. At the same time, SpaceX’s launch and exploration ventures are capital-intensive and continue to entail substantial costs, raising questions about how early investors will appraise the business in a public market setting.

News of the anticipated mega-IPO has drawn attention to how investors value private companies as they transition to public markets, and how tokenized representations might influence price discovery, liquidity, and access. The SpaceX filing and the ensuing market reaction will be watched closely by practitioners and policymakers alike as they assess the implications for tokenized equity formats and cross-border trading.

For readers tracking the broader space, SpaceX’s on-chain disclosures and asset mix have already been a focal point of discussions about crypto-enabled capital markets. The trajectory of this IPO, and the way tokenized instruments perform in the weeks after listing, could shape how exchanges approach future cross-asset tokenization and whether similar models gain traction among other high-profile offerings.

Source: Kraken

Related: Kraken’s xStocks tops $25B in tokenized-equities volume with thousands on-chain holders

What tokenized equity means for crypto markets

The SpaceX IPO through xStocks illustrates a notable convergence: established public offerings can be mirrored as on-chain tokens that are tradable around the clock. For traders and investors, the arrangement potentially unlocks new avenues for liquidity, hedging strategies, and exposure to marquee names without traditional stock-market hours constraints. For issuers, tokenized access expands the potential investor base beyond geographic and logistical boundaries that often constrain classic IPOs.

From a risk-management perspective, tokenized equities introduce considerations around custody, settlement, and regulatory alignment across jurisdictions. While the SPCXx token is anchored 1:1 to SpaceX shares, the on-chain environment introduces new layers of operational risk and governance that market participants will watch closely as more companies explore tokenized offerings. The ongoing regulatory dialogue around tokenized assets will also influence how quickly and broadly these products scale in traditional markets.

For investors, the SpaceX case offers a practical glimpse into how crypto-native platforms are integrating with real-world capital markets. The use of a tokenized instrument tied to a well-known private company as it transitions to the public market could serve as a blueprint for future tie-ins between crypto infrastructure and mainstream equity markets. As with any IPO, due diligence remains essential: investors should assess not only the company’s business trajectory but also how much bandwidth tokenized formats have to deliver reliable, timely access to allocations and post-listing trading liquidity.

As the IPO unfolds and more details emerge about allocations, pricing, and secondary-market activity for SPCXx, market participants will be weighing how tokenized formats compare with traditional post-IPO liquidity and whether the added accessibility translates into meaningful long-term value capture for investors.

Investors should monitor the next steps for SpaceX’s public debut, including allocation outcomes and how the tokenized structure performs in live trading. The evolving regulatory framework around tokenized assets will likewise shape how quickly such offerings expand and how broadly they are accepted by retail and institutional participants alike.

What remains uncertain is how pricing will align between the on-chain representation and the actual SpaceX equity on public markets, once trading begins. If demand remains robust and the tokenized vehicle gains deeper adoption, SpaceX’s IPO could become a defining moment for tokenized equity infrastructure and the broader integration of crypto platforms with traditional capital markets.