[DigitalToday reporter Yoonseo Lee] As bitcoin slipped below $60,000 at one point on June 24 (local time) and investor sentiment across the broader cryptocurrency market quickly froze, Dave Portnoy voiced an openly bearish view.

According to blockchain media outlet U.Today, Barstool Sports founder Dave Portnoy said, "Bitcoin looks like it is going to converge to zero soon," and publicly questioned bulls.

Portnoy demanded an explanation on social media from investors who have claimed bitcoin would go to $1 million. He told those who have spoken of a positive future for cryptocurrencies, "If my argument is wrong, tell me why it is wrong."

Markets shook quickly on the day alongside bitcoin's sharp drop. Bitcoin fell 4.2 percent intraday to its lowest level since October 2024. Strategy (MSTR) shares also sank to levels not seen since February 2024, and the company's preferred shares STRC hit another record low.

Losses in the derivatives market were also steep. Based on CoinGlass tallies, 169,531 traders were liquidated and total liquidations amounted to $869.39 million. Of that, long-position losses accounted for most of it at $785.31 million. Investors who did not bet on declines took a bigger hit during the sharp selloff.

On-chain indicators also showed the backdrop to the weakness. Glassnode cited ETF outflows, large-scale loss realization driven by fear, and defensive options positioning as reasons bitcoin broke below support. It said broad-based demand was still lacking, which is interpreted to mean this downturn happened with a weak underlying buying base.

Concerns about the macro environment were also raised. Economist Henrik Zeberg pointed out that bitcoin fell below $60,000 even as the U.S. dollar index (DXY) stayed at a relatively low level around 101. He said market pressure could intensify further if the dollar strengthens more. He also assumed a scenario in which DXY retests its 2001 high and said people should consider what could happen in the deflationary recession phase he expects in late 2026 and early 2027.

He also mentioned that investors were not prepared. Zeberg claimed the market is not prepared at all for what is coming, and that most investors have never experienced a real global fight for dollars.

In this situation, the decline is being read not merely as a price correction but as a bearish signal where spot ETF fund flows, an absence of on-chain demand and derivatives liquidations overlapped at once. Whether bitcoin can recover, and whether ETF outflows and loss-realization pressure subside, remained key variables for near-term market moves.

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. Cause it seems like it’s going to zero