Bitcoin Falls to 2-Month Low After Strategy Sells BTC, ETFs Flip Negative for the Year
Summary
Bitcoin fell to a nearly two-month low around $71,479, down 2.8% in 24 hours and more than 7% over the past week. The drop has been driven by nearly $3 billion in ETF outflows over a 10-day stretch, pushing Bitcoin exchange-traded products into negative year-to-date flows. Selling pressure also came from Strategy, which sold 32 BTC for about $2.5 million at an average price of $77,135 to help fund preferred stock dividend payments. The sale weighed on its shares, which fell more than 6%. Bitcoin liquidations reached about $155 million in the past 24 hours, with roughly 94% from long positions. BTC is now down about 8% over the past month and roughly 43% below its all-time high of $126,080.
