Bitcoin Fell 14% to $60,000 as Arca Ties Drop to Strategy's 32 BTC Sale

1 articles · Updated · CoinDesk · Jun 9

Arca said last week's bitcoin slide was driven by Strategy's June 1 disclosure that it sold 32 BTC, arguing the market reacted to what the sale implied rather than the roughly $2.5 million amount itself.
Jeff Dorman said the disclosure signaled Strategy may need to keep selling bitcoin to fund dividends on preferred shares such as STRC, with only about five months of cash flow left and investors now pricing in a forced-seller overhang.
Michael Saylor had blamed the selloff on AI infrastructure spending absorbing capital, but Arca rejected that explanation and said Strategy's own financing choices rattled the market.
Dorman said bitcoin could rebound if Strategy raises $2 billion to $4 billion through stock and bitcoin sales to cover preferred dividends through September 2028, though he doubts Saylor will choose that path.
Bitcoin's dominance slipped below 58% early in the week as other crypto assets initially held steadier, which Arca said suggested more asset-specific trading before the broader market later joined the downturn.