Bitcoin price drops below $65,000

U.S. stocks fell after a stronger-than-expected jobs report Friday. By 1:18 p.m. ET, the Nasdaq Composite was down nearly 3%, the S&P 500 fell 1.8%, and the Dow slipped 0.8%, with tech down 4.3% and defensives higher. May nonfarm payrolls rose 172,000 (vs. 86,000 expected) and unemployment held at 4.3%, prompting traders to price a quarter-point rate hike by end-2026.

Bitcoin fell nearly 15% this week to around $62,500, while Ethereum dropped more than 17% to its lowest level since April 2025, according to the article. It cites extreme “fear” (Crypto Fear & Greed index at 17), weaker spot volumes (CryptoQuant), rising liquidations (~$1.2B/24h, Coinglass), and crypto ETF outflows. A strong US jobs report reduced rate-cut expectations, per BeInCrypto.

Fundstrat’s Tom Lee told investors at a Paris conference that a “crypto spring” is already underway, citing potential oil-price declines from an Iran war ceasefire, Ethereum’s inverse correlation to oil, and reduced Ethereum Foundation holdings (down to ~0.1% of supply). He also cited Bitmine’s staking rewards, Russell 1000 inclusion (June 26), and tokenization/AI. He predicted ETH could reach $22,000 and Bitmine stock $500.

Arthur Hayes said on X that macro shifts led him to sell his HYPE position after a $100,000 bet, citing higher energy prices from the Iran war, inventory restocking, expected AI IPOs, a view that Trump may pivot against AI for midterms, and an expectation that market highs come before September. On-chain data showed about $18M in HYPE moved to Flowdesk. Separately, U.S. spot Bitcoin ETFs saw continued outflows, while HYPE ETFs stayed net positive.

The article says SpaceX’s IPO could reshape capital flows and sector competition. It cites SpaceX losses of $5 billion last year and an expected valuation near $1.8 trillion, implying about 95x revenue of ~$19 billion. It also notes concerns about Nasdaq 100 fast-track inclusion and potential pressure on peers like Boeing, Lockheed Martin, RTX, and telecom firms, citing Oppenheimer’s view that Starlink may dominate internet/AI traffic.

Ray Dalio, founder of Bridgewater, said in a Bloomberg interview that an AI “bubble” would burst not due to technology, but because investors face liquidity needs that force them to convert paper wealth into cash. He cited Bridgewater estimates that Alphabet, Amazon, Meta and Microsoft could invest about $650 billion in AI infrastructure in 2026, up from about $410 billion in 2025.