Bitcoin traders have turned bearish as the cryptocurrency fell more than 5% in the last 24 hours to trade at $67,312, marking its lowest price since April 5. Prediction market users on Myriad now assign a 53% probability that Bitcoin will drop to $55,000 rather than rise to $84,000, reversing from a 62% upward confidence level on Monday. The sentiment shift follows Strategy's sale of 32 BTC worth approximately $2.5 million last week—the firm's first Bitcoin sale since 2022—and an 11-day outflow streak from U.S. Bitcoin ETFs totaling more than $3.4 billion. Bitcoin has declined more than 12% over the last week of trading.
Strategy Sells Bitcoin for First Time Since 2022
Strategy, the leading Bitcoin treasury firm, offloaded 32 BTC worth around $2.5 million last week, marking its first sale since 2022 after accumulating $57 billion worth of the cryptocurrency. Analysts previously stated that Michael Saylor's firm selling Bitcoin could immediately flip perceptions and conviction in the top crypto asset.
U.S. Bitcoin ETFs Record $3.4 Billion in 11-Day Outflows
U.S. Bitcoin ETFs are experiencing an 11-day outflow streak, with more than $3.4 billion leaving the exchange traded products during that period. The exodus has caused the Bitcoin ETFs to flip negative on the year, meaning more funds have left the products year-to-date than have entered.
Bitcoin Liquidations Reach $600 Million as Price Hits Two-Month Low
Nearly $600 million in BTC longs—bets on the price of the asset going up—have been liquidated in the last 24 hours according to data from CoinGlass. Bitcoin is now trading below $68,000 for the first time since April 5 according to data from CoinGecko. At that level, BTC sits 46% off its all-time high of $126,080.
FAQ
What caused Bitcoin to drop below $68,000?
Bitcoin fell below $68,000 due to Strategy's sale of 32 BTC worth approximately $2.5 million last week—its first sale since 2022—combined with an 11-day outflow streak from U.S. Bitcoin ETFs totaling more than $3.4 billion. The cryptocurrency declined more than 5% in 24 hours to trade at $67,312.
How much did Bitcoin traders lose in liquidations?
Nearly $600 million in BTC longs were liquidated in the last 24 hours according to data from CoinGlass. Bitcoin is now trading 46% below its all-time high of $126,080.
