Bitcoin retreated to $69,660 at the start of European trading, marking a decline of as much as 2.4 per cent and reaching its weakest level since 8 April. The downturn was not limited to Bitcoin alone, as the broader cryptocurrency market also moved lower, with Ether, Solana and several other digital assets posting losses.
Market sentiment has been pressured by a mix of external risks and industry-specific concerns. Caroline Mauron, co-founder of Orbit Markets, said that geopolitical uncertainty together with worries surrounding Strategy’s treasury outlook has added notable strain to Bitcoin’s recent performance.
Strategy’s Bitcoin Sale Adds to Market Pressure
In a move that caught the attention of traders, Michael Saylor’s Strategy disclosed its first Bitcoin sale since late 2022. The company sold roughly $2.5 million in Bitcoin, a modest amount in size but symbolically significant given its long-standing reputation as one of the market’s most committed corporate buyers.
This sale has raised fresh questions about confidence in the asset, especially because Strategy had become closely associated with an aggressive accumulation approach. Even a relatively small disposal can influence sentiment when it comes from a company so strongly linked to Bitcoin’s bullish narrative.
ETF Withdrawals Deepen Concerns
Another major source of weakness has come from exchange-traded funds, which previously played a major role in driving Bitcoin higher after their launch more than two years ago. That earlier momentum has now faded as investors continue pulling money from these products.
Bloomberg-compiled data showed that US spot Bitcoin ETFs suffered net outflows for a record 11 straight days, with about $3.5 billion withdrawn over that stretch. Sean McNulty, Head of Asia-Pacific Derivatives Trading at FalconX, warned that a confirmed daily or weekly close below $70,000 could indicate a more lasting structural change in the market rather than a temporary reaction to current headlines.
