Bitcoin further dipped to around $63,300 on June 4. After Strategy Inc. sold 32 BTC (about $2.5 million), market sentiment was hit hard. This week, the total market value of Bitcoin fell by about $16 billion. Bloomberg compiled data showing that US-listed Bitcoin ETFs have experienced outflows for 12 consecutive trading days, with nearly $4 billion withdrawn, setting a historical record for consecutive outflows.
Key Market Data: Bitcoin vs. Nasdaq 12-Month Performance
Key market data comparisons:
Bitcoin: Down 37% over the past 12 months, 48% below its peak
Nasdaq 100: Up 42% over the past 12 months, setting a new all-time high again this week
Bitcoin ETFs: Net outflows for 12 consecutive trading days, totaling nearly $4 billion
Crypto perpetual futures long liquidations: Coinglass data shows that in the past 24 hours, about $1.5 billion in long positions were liquidated
MSTR stock price: Down 14% this week, down more than 70% from its peak
Strategy’s Selling Event: Why 32 BTC Triggered a Confidence Crisis
Rajiv Sawhney explained that Strategy sold only 32 BTC out of the 843,706 BTC it holds, which is “a drop in the bucket” compared with a $62 billion market capitalization. However, given that Bitcoin’s performance has been under pressure in recent weeks, the signal this action sent to the market is the more important factor.
Apollo Crypto portfolio manager Pratik Kala pointed out that because funds such as MSTU, MSTY, and MSTX are designed to amplify MSTR’s daily volatility, MSTR’s decline is directly hitting these related ETFs. Investors withdrawing further weakened market confidence in trading MSTR overall. Kala described this as a “vicious cycle.”
AI Rotation Replaces Bitcoin: Two Companies Shift Capital Allocation
FXHB Asset Management partner Karnie Mak said it has shifted some funds from Bitcoin and digital assets into AI stocks, adding that AI currently offers more attractive risk-reward characteristics than digital assets.
Last month, Nasdaq-listed company K Wave Media announced it would abandon its plan to invest about $500 million in Bitcoin and instead put most of the funds into AI data centers, GPU infrastructure, and related acquisitions. Crypto miner Bitdeer also cleared out all of its Bitcoin reserves to fund its expansion in AI and high-performance computing.
FAQ
Why did Strategy’s sale of 32 BTC have such a strong impact on market psychology?
Based on an analysis by Rajiv Sawhney of Wave Digital Assets, the financial scale of this sale is negligible relative to Strategy’s total holdings of 843,706 BTC. But Strategy has long used Michael Saylor’s “never sell” stance as its core business narrative. Even a small sale broke the market’s expectations of confidence in this position, triggering a reassessment of the market’s beliefs.
Bitcoin ETFs saw record outflows for 12 straight days—how much exactly flowed out?
According to data compiled by Bloomberg, during the outflow period covering 12 consecutive trading days, investors pulled nearly $4 billion from US-listed Bitcoin ETFs, setting a historical record for consecutive fund outflows. Coinglass data also showed that as of June 4, in the 24 hours prior, about $1.5 billion in crypto perpetual futures long positions were liquidated.
Has the divergence between Bitcoin and Nasdaq only started recently?
According to Bloomberg data mentioned in the report, Nasdaq is up 42% over the past 12 months while Bitcoin is down 37%; this divergence has become notably more pronounced since the market crash in October 2025, and the correlation between Bitcoin and tech stocks had already weakened significantly before that.
