Bitcoin Climbs Above $93,000

Bitcoin extended its decline to as low as $61,000 in early June, its weakest level since before the Iran conflict escalated in late February, before trimming losses to around $64,000. The token has dropped about 16% since Strategy Inc. sold roughly $2.5 million of its large Bitcoin holdings. The firm is one of the biggest corporate Bitcoin holders and is widely seen as a proxy for the cryptocurrency under its digital asset treasury model, making the sale particularly sensitive for investors, even though Saylor had previously suggested selling could be an option. Sentiment was further weighed by lingering geopolitical tensions in the Middle East, as US-Iran negotiations remain unresolved. The selloff also highlighted Bitcoin’s divergence from tech stocks, which were hitting record highs. Bitcoin is now down more than 50% from its peak above $126,000 last October. US-listed Bitcoin ETFs have also seen nearly $4 billion in outflows over 12 consecutive sessions, marking a record streak.

Bitcoin continued its sell-off, sliding toward $65,000 in early June and reaching its lowest level since late March, as sentiment remained pressured by Strategy’s Bitcoin sale and a broader shift in institutional capital toward artificial intelligence rather than digital assets. Strategy reported selling around $2.5 million worth of Bitcoin, its first divestment since late 2022, signaling a symbolic departure from its long-running accumulation approach. Investor sentiment was further pressured by sustained ETF outflows, as US spot Bitcoin ETFs recorded net redemptions for 11 consecutive sessions, totaling roughly $3.45–$3.5 billion. At the same time, risk appetite remained subdued amid renewed hostilities between the US and Iran, undermining hopes for progress in peace negotiations. Other major digital assets, including Ether, BNB, Cardano, and Solana, also traded lower, with losses of up to 2%.

Bitcoin fell more than 2% to below $70,000 in early June, hitting its lowest level since April 8, as geopolitical tensions and weakening institutional demand weighed on sentiment. Market pressure was driven by concerns over the US–Iran conflict as well as Strategy Inc.’s rare Bitcoin sale, which added to worries about corporate treasury demand. Strategy disclosed the disposal of about $2.5 million worth of Bitcoin, its first sale since late 2022, marking a symbolic break from its long-standing accumulation strategy. Investor sentiment was further undermined by sustained ETF outflows, with US spot Bitcoin ETFs recording net withdrawals for 11 consecutive sessions, totaling around $3.45–$3.5 billion. At the same time, some capital rotation appeared to be moving toward equities, as strong risk appetite in AI and semiconductor stocks coincided with crypto outflows, suggesting a shift in investor positioning across risk assets.