# This Week in Crypto: Bitcoin retests key support > Bitcoin retests US$60,000 support, Strategy records its first Bitcoin sale since 2022, the SEC prioritises digital assets, and Sui rolls out a major network News · 4 min read Published 5 June 2026 This week in crypto, market sentiment took a sharp turn lower as [Bitcoin](/buy/btc/)retraced much of its recent gains and returned to a major support level near US$60,000 (AU$88,000). The pullback has reignited debate around institutional treasury strategies, with some market participants pointing to Michael Saylor's Strategy following its first Bitcoin sale in years. Despite the bearish mood, developments across regulation, institutional adoption and blockchain infrastructure suggest the industry continues to mature beneath the surface. Bitcoin's decline back toward its February lows has become the dominant story of the week. After rallying strongly over the past two months, the market reversed course as risk appetite weakened and investors reacted to ongoing macroeconomic uncertainty. Sentiment has deteriorated rapidly, with fear returning to levels not seen since earlier this year. Some investors directed criticism toward Michael Saylor and Strategy after the company disclosed the sale of 32 Bitcoin, worth approximately US$2.5 million. The transaction marked Strategy's first reported Bitcoin sale since a tax-loss transaction in 2022 and reduced the company's holdings from 843,738 BTC to 843,706 BTC. While the sale represented only a tiny fraction of Strategy's overall holdings, it attracted significant attention because the company has long championed a "never sell" philosophy. The sale was made to help fund distributions related to Strategy's preferred stock offerings, which have become a key component of its financing strategy. The announcement also reignited debate around the sustainability of corporate Bitcoin treasury models. As Bitcoin traded below Strategy's average acquisition cost, the company's unrealised losses expanded, prompting questions about whether future financing obligations could force additional sales. Saylor pushed back against the criticism, arguing that significant capital flows into artificial intelligence infrastructure and persistent outflows from Bitcoin exchange-traded funds have contributed to recent market weakness. However, despite the current pessimism, Bitcoin's price action continues to resemble previous cyclical corrections seen during prior bull markets. Historically, sharp pullbacks during broader uptrends have often tested investor conviction before the next leg higher. Whether the US$60,000 level can hold may become one of the most important market indicators in the weeks ahead. Institutional innovation continued despite the market downturn. [Ethereum](/buy/eth/) treasury company Bitmine Immersion Technologies announced plans to launch a US$300 million perpetual preferred stock offering, adopting a financing model similar to Strategy's approach with Bitcoin. Preferred shares occupy a middle ground between stocks and bonds, allowing companies to raise capital while providing investors with regular income payments. Bitmine plans to offer annual dividend payments funded through staking rewards generated from its Ether holdings. The strategy reflects a growing trend among publicly listed companies seeking to integrate digital assets directly into their balance sheets while creating new ways for traditional investors to gain exposure to crypto-related returns. If successful, the model could encourage other firms to explore similar treasury strategies centred on Ethereum and staking income. On the regulatory front, the United States Securities and Exchange Commission signalled a significant shift in its long-term approach to digital assets. In its newly released Strategic Plan for 2026 to 2030, the SEC identified digital assets, blockchain technology and tokenisation as strategic priorities for the agency. The plan outlines the SEC's intention to establish a more coherent regulatory framework for digital assets while supporting innovation and investor protection. The move is notable because it places cryptocurrency alongside the agency's core objectives and suggests regulators are increasingly focused on building long-term oversight rather than relying solely on enforcement actions. For an industry that has long called for clearer rules, the inclusion of digital assets as a strategic priority may provide greater certainty for businesses, investors and institutions looking to expand their involvement in the sector. Meanwhile, the [Sui](/buy/sui/) Network moved to address reliability concerns after experiencing three separate outages over the past fortnight. The interruptions temporarily disrupted network operations and raised questions about the blockchain's resilience as adoption grows. The Sui Foundation confirmed that a major network upgrade has now been implemented to address the bugs responsible for the outages. The organisation stated that no user funds were ever at risk and that no confirmed transactions were reversed during the incidents. Beyond resolving the immediate issues, the Foundation highlighted plans to improve failure containment systems, strengthen end-of-epoch processing and further utilise artificial intelligence tools to assist with network diagnostics and performance monitoring. The response demonstrates the increasing importance of reliability and operational resilience as Layer-1 blockchain networks compete for developers, users and institutional adoption. While Bitcoin's return to US$60,000 has weighed heavily on market sentiment, the broader industry continues to make progress. Institutional players are experimenting with new treasury models, regulators are moving closer to providing clearer guidance, and blockchain networks are investing in infrastructure improvements. As the market tests a critical support level, investors will be watching closely to see whether this correction follows the pattern of previous cycle pullbacks or signals a deeper shift in sentiment. Either way, the foundations of the crypto industry appear stronger than ever. **More news stories circulating the block:** - MoneyGram launches stablecoin on [Stellar](/buy/xlm/) - Mastercard expands stablecoin settlement support - [Cardano](/buy/ada/) analytics platform TapTools shuts down - [Zcash](/buy/zec/) critical network bug identified About the editorial team The Digital Surge Editorial Team Our editorial team writes and reviews Digital Surge’s news, insights and crypto guides, pairing plain-English explanations with the practical experience of running an [Australian cryptocurrency exchange](/about-us/). We keep every article accurate, current and easy to act on. [Read our editorial guidelines ›](/editorial-guidelines/) News & Insights ## More from News [News This Week in Crypto: ASIC extends digital asset licensing relief ASIC extends digital asset licensing relief, Strategy faces funding pressure, US lawmakers question AI investing, and Base resumes after an outage. 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