Bitcoin fell below US$70,000 on June 2 for the first time since April 5, dropping more than 5% to US$67,692.76 as sentiment weakened and forced selling hit crypto markets, according to Coin Metrics.

The decline followed news that Strategy, a US-listed company formerly known as MicroStrategy that holds bitcoin as a treasury asset, had sold 32 bitcoin for US$2.5 million between May 26 and May 31 to help fund distributions on its perpetual preferred stock.

The sale amounted to about 0.0038% of the company’s bitcoin holdings.

US spot bitcoin exchange-traded funds also logged an 11th straight day of net outflows, the longest streak since launch, according to SoSoValue.

CoinGlass data showed about US$594 million in crypto long liquidations over 24 hours, showing forced unwinding in derivatives markets added to the selloff.

Ether fell 3%, while Strategy shares dropped more than 8%, Galaxy Digital lost 4%, and Coinbase fell 3%.

🔗 Source: CNBC

Recent Strategy developments