Bitcoin Drops 13% as Strategy Sells 32 BTC and ETF Outflows Hit 13 Days
Updated
Updated · CNBC · Jun 4
Bitcoin Drops 13% as Strategy Sells 32 BTC and ETF Outflows Hit 13 Days
3 articles · Updated · CNBC · Jun 4
Summary
Bitcoin is down 13% this week—its worst stretch since February—as investors cut risk after Strategy disclosed a 32-BTC sale and spot ETFs logged a record 13th straight day of net outflows.
The selloff accelerated after Michael Saylor's company broke with its long-held 'never sell' stance to raise about $2.5 million for preferred dividend payments, helping trigger $594 million in 24-hour long liquidations.
ETF assets have shrunk to $82.8 billion from $107.8 billion on May 14, and Citi said those flows explain about 45% of weekly bitcoin return variation, making fading fund demand a key drag on price.
Bitcoin is also losing capital to hotter trades such as semiconductors and private-market AI names, while a hoped-for U.S. catalyst—the CLARITY Act market-structure bill—appears to be slipping further out of reach.
Monday's disclosure of whether Strategy bought back bitcoin this week could shape near-term sentiment; without that support, some analysts still see the four-year cycle pointing to a bottom below $40,000 later this year.