Bitcoin Slides Under $68K as Strategy Sale, ETF Withdrawals, and Mt. Gox Transfers Shake Sentiment
Bitcoin extended its decline on Tuesday, slipping below the $68,000 mark for the first time since April as a combination of corporate selling, ETF withdrawals, renewed Mt. Gox activity, and geopolitical uncertainty weighed on investor sentiment.
One of the key developments came from Bitcoin treasury firm Strategy, which disclosed in a recent SEC filing that it sold 32 BTC between May 26 and May 31 for approximately $2.5 million. The company reported an average sale price of $77,135 per Bitcoin, with proceeds earmarked for dividend payments tied to its STRC perpetual preferred stock.
While the transaction represents only a tiny fraction of Strategy’s massive Bitcoin reserve of 843,706 BTC, the move carried symbolic significance. It marked the company's first publicly disclosed reduction in Bitcoin holdings in over three years, sparking concerns among investors. Shares of Strategy declined sharply following the announcement, extending losses into Tuesday trading.
At the same time, U.S. spot Bitcoin ETFs have been experiencing sustained selling pressure. Funds collectively recorded roughly $3.45 billion in net outflows over an 11-session stretch through the end of May, making it the largest monthly withdrawal period since the products launched. One trading day alone accounted for nearly half a billion dollars in redemptions.
Despite the headline figures, some analysts remain unconvinced that ETF flows are driving a long-term bearish trend. Industry observers note that cumulative net inflows into spot Bitcoin ETFs remain substantial and that investor participation has continued to grow even during periods of price weakness.
Additional pressure emerged from the long-defunct Mt. Gox exchange, which transferred approximately $739 million worth of Bitcoin from cold storage wallets on Tuesday. The movement was the first major on-chain activity linked to the estate in more than two months.
Although the transfers do not necessarily indicate immediate selling, markets remain sensitive to any Mt. Gox-related activity. Creditors have been receiving repayments in stages, and traders continue to monitor the possibility that distributed coins could eventually find their way onto the open market before the final repayment deadline in October 2026.
Broader macroeconomic and geopolitical concerns have also contributed to the market’s cautious tone. Rising tensions surrounding U.S.-Iran relations and uncertainty in the Middle East have encouraged investors to reduce exposure to risk assets, including cryptocurrencies.
The downturn has been particularly noticeable among publicly traded firms with Bitcoin-focused treasury strategies. Companies whose valuations are closely linked to Bitcoin accumulation have seen their shares fall more sharply than the underlying asset itself, highlighting the amplified risks associated with leveraged exposure to crypto markets.
As of Tuesday, Bitcoin was trading in the mid-$67,000 range, with investors closely watching whether support levels can hold amid continued uncertainty across both traditional and digital asset markets.