Key facts
- Bitcoin price fell below $62,000, reaching a low of $61,463.22.
- U.S. spot Bitcoin ETFs have experienced 11-to-12 consecutive days of net outflows.
- Total Bitcoin ETF net outflows have reached approximately $3.45 billion.
- Michael Saylor's firm, Strategy, sold 32 Bitcoin between May 26 and May 31.
- The sale was to fund dividend obligations on Strategy's preferred shares.
- Broader macroeconomic factors, including U.S.-Iran tensions, are contributing to a risk-off sentiment.
Bitcoin's price has plummeted below $62,000, reaching a low of $61,463.22, marking a significant decline in 24 hours and erasing weeks of recovery. The downturn is attributed to an 11-to-12 consecutive day streak of net outflows from U.S. spot Bitcoin ETFs, totaling approximately $3.45 billion. A key catalyst was Michael Saylor's firm, Strategy, selling 32 Bitcoin for $2.5 million between May 26 and May 31 to fund dividend obligations on its preferred shares. This sale broke its previous 'never sell' stance. Macroeconomic fears, including escalating U.S.-Iran tensions, are driving investors toward safer assets, impacting volatile assets like Bitcoin. Capital is also reportedly diverting to the artificial intelligence sector and upcoming tech IPOs. Tether's movement of 204 BTC to Bitfinex has also fueled concerns about potential liquidations. Bitcoin continues its plunge, with one analyst suggesting the token's bear market is in its late stages.