Brian Armstrong, the CEO of Coinbase, has indicated that bitcoin may have reached its lowest point at around $60,000. He mentioned his belief that bitcoin has likely found its floor, referencing the historical four-year cycle that typically marks market lows. Armstrong, who describes bitcoin as ‘the new digital gold,’ remains optimistic about the token’s future, projecting significantly higher prices by 2030 despite the recent downturn.

After a dip below $60,000, bitcoin has bounced back to over $66,000, but on-chain analysts caution that the current demand is weak and ETF flows are unstable, suggesting that a price floor does not ensure a lasting recovery. In a video shared on X on Monday, Armstrong stated, «My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure.» He reiterated his long-term investment in bitcoin and his belief in its potential.

«I think bitcoin is the new digital gold,» he said.

On Monday, bitcoin traded above $66,000, marking an increase of nearly 3% within 24 hours, spurred by a recent deal between the US and Iran to reopen the Strait of Hormuz. The cryptocurrency hit a low of approximately $59,743 on June 5, its lowest since October 2024, before the recent recovery. Armstrong pointed to the four-year halving cycle of bitcoin, which has historically shown alternating bull and bear markets at regular intervals, as a means to understand the current market pullback. Currently, bitcoin is about 50% below its all-time high of nearly $126,000 reached in October 2025.

Additionally, Armstrong noted last week that the decline in bitcoin’s price is obscuring the overall health of the cryptocurrency market, highlighting that derivatives, stablecoins, and prediction markets are all experiencing growth. «It will take some time for this to sink in,» he remarked on X.

Armstrong’s assertion about the bottom comes with the same caution that the data suggests. CryptoQuant, an on-chain analysis firm, observed that while bitcoin is approaching a historical value zone near its realized price of about $53,600, demand conditions remain significantly negative and ETF flows have yet to stabilize. It’s important to differentiate between a price floor and a confirmed recovery, as traders will need to monitor macroeconomic catalysts before a clearer direction is established.

In May, the combined volumes across exchanges decreased by 3.45%, totaling $4.41 trillion, marking the lowest levels since September 2024. Conversely, RWA perpetual futures volumes increased by 10.4%, setting a new all-time high.

Why it matters: In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.