Bitcoin [BTC] has gotten June off to a remarkable start. Within five days, the price has dropped by 14.4%. The first three days of the month saw a cumulative $1.399 billion in outflows from Spot exchange-traded funds (ETFs). In a post on X, Ali Martinez used Glassnode data to demonstrate that Bitcoin had lost control of the $72.4k level. This level was one of the pricing bands derived from the MVRV ratio. Specifically, it was the -0.5σ, or half a standard deviation below the mean at $94.1k.