Bitcoin Crashes Near $60,000: $62B In Treasuries Erased, Analyst Sees Potential Bottom Ahead
Bitcoin fell further, hitting its lowest level since early February and extending a drawdown of about 52% from last October’s peak near $126,000. The decline has worsened bearish sentiment across crypto and related equities. A key trigger was Strategy’s first Bitcoin sale in nearly four years: 32 BTC for about $2.5 million. The sale was small in size but important psychologically because it broke the “never sell” image of a major public holder. Bitcoin treasury-related stocks have also been hit hard. Their combined fully diluted market value has dropped from nearly $134 billion at the early-October peak to about $72 billion, wiping out roughly $62 billion. Market pressure on these treasury firms raises the risk of forced selling or debt stress, undermining the assumption that they would act as permanent holders. Some analysts see possible support for Bitcoin in the $54,000 to $50,000 range, which would still require a further decline from current levels.
