Bitcoin Falls to $59,200 on June 5, Down 53% From October 2025 Peak as ETF Outflows Persist

According to Bitfinex Alpha, Bitcoin fell to $59,200 on June 5, marking a 53% decline from its October 2025 historical high. The decline is driven by record spot ETF outflows, leverage unwinding, and sustained macro headwinds including U.S. 10-year Treasury yields above 4.45%.

On-chain data suggests the market is entering a distribution phase rather than panic selling. Cumulative volume delta (CVD) has turned negative in recent weeks after strong accumulation in April-May, indicating sustained selling pressure from buyers. Short-term holders' cost basis has fallen below the true market mean of $77,800, leaving new investors underwater and creating resistance to any rally toward the realized cost basis near $53,900.