Bitcoin's derivatives market has yet to fully heal from a violent shakeout last October, when roughly 71,000 BTC worth around $11 billion was wiped from open interest across major exchanges. Total open interest has not recovered to pre-event levels, leaving a gap of more than 24,000 BTC that signals many traders are still sitting on the sidelines.
Bitcoin led the outflows, and Ethereum slipped too.
Dampened hopes for an improved macroeconomic environment have led institutions to move from crypto ETFs to AI stocks, an analyst said.
The cryptocurrency market extended its decline on June 2 as a wave of forced liquidations wiped out leveraged traders, pushing total crypto market capitalization down to roughly $2.42 trillion and sending investor sentiment deeper into fear territory.
BTC fell 3.4% in 24 hours to below $71,000, the lowest level in weeks, as Monday's 8-K filing disclosing Strategy's first publicized bitcoin sale continued to weigh.
A $79 million market hinges not on whether Michael Saylor's firm sold bitcoin, but on whether a sale disclosed June 1 can count toward a deadline that passed May 31.
Strategy sold a small portion of its Bitcoin holdings last week, marking the company's first disclosed BTC sale since its December 2022 tax-loss harvesting transaction. The sale is notable less for its size than for what it signals: Strategy is now willing to use a sliver of its Bitcoin stack to service the preferred equity structure it has built around its balance sheet.
Bitcoin holds above $70k despite massive ETF outflows, but with liquidity drying up, can stablecoin flows provide the fuel for a June rally?
A clash has erupted among Polymarket users over the timing and disclosure of a recent Bitcoin sale by Strategy, with more than $80 million traded on the disputed outcome.
Bitcoin (BTC) is sitting in a ‘buyer stagnation' phase despite a record rise in long-term holders, according to new research from Crypto.com. The report argues that the market's problem is not a shortage of supply but a shortage of fresh demand—an imbalance that has blunted rebound momentum even as traditional U.S. risk assets pushed to new highs.
Bitcoins latest price correction is gaining momentum as the leading cryptocurrency continues to lose crucial technical support levels that previously fueled hopes of a recovery. After failing to maintain positions above the important 50-day and 100-day moving averages, Bitcoin has slipped toward the $71,000-$72,000 range, increasing concerns among investors and traders.
Bitcoin has lost the $75,000 level as selling pressure intensifies and the market faces a wave of uncertainty that has erased the confidence built during the recovery from the April lows.