Key Highlights
- Dave Portnoy questioned Bitcoin supporters after BTC fell below the key $60,000 price level.
- Spot Bitcoin ETFs recorded over $113 million in net outflows, showing weaker investor confidence during the market decline.
- More than $660 million in crypto positions were liquidated in 24 hours, affecting over 140,000 traders worldwide.
Barstool founder Dave Portnoy has publicly challenged some of Bitcoin’s strongest supporters as the cryptocurrency market continues to struggle.
In an X post on Wednesday, Portnoy questioned predictions that Bitcoin could eventually reach $1 million, asking advocates to explain why long-time critics who have called the asset a scam are wrong. His comments came as Bitcoin slipped below the key $60,000 level, raising fresh concerns about where the market could head next.
“I need all the bitcoin and crypto people who say it’s going to a million and how it’s the future to tell me why all the people who have always said it’s a scam and going to zero are wrong,” Portnoy wrote. He added, “Cause it seems like it’s going to zero.”
The remarks came during a sharp market downturn that pushed Bitcoin to below $60,000. At press time, Bitcoin is trading at $59,564, down 4.37% in the last 24 hours.
Portnoy’s comments are notable because they come months after he disclosed purchasing more than $2 million worth of digital assets during the 2025 market downturn.
According to his post during the time, roughly $750,000 of that investment was allocated to Bitcoin. He described the purchase as a “great white shark attack” on a market that was already under heavy pressure.
ETF outflows add pressure to Bitcoin
The latest drop has increased uncertainty among traders, many of whom are now preparing for the possibility of even lower prices in the months ahead. At the same time, Bitcoin price has also been affected due to money leaving Bitcoin exchange-traded funds (ETFs).
According to data from SosoValue, spot ETFs have seen about $113 million in outflow as of June 23 alone. BlackRock recorded the most outflow of about $183 million. Other asset managers tried to redeem the amount, but their inflow was not sufficient.
$345 million wiped out in liquidations
Retail traders have also been hit by the decline. Data from CoinGlass showed that more than $345 million worth of positions were wiped out over the past 24 hours.
Long traders suffered the biggest losses, accounting for approximately $318 million of liquidations, while short positions represented around $28 million.
On-chain analytics firm Glassnode, in a recent report, warned that Bitcoin is facing a difficult road ahead. The firm identified a large group of investors who bought Bitcoin between $66,800 and $70,700. Many of those holders are currently sitting on losses.
Glassnode said these investors may decide to sell if Bitcoin climbs back toward their purchase prices, creating another obstacle for any recovery attempt.
Also Read: Bitcoin Falls Below $60K as ETF Outflows Fuel Selling