Bitcoin continued its weakness in Asian trading on Tuesday, briefly falling below $71,000, hitting a multi-week low. The market was digesting Strategy's first-ever disclosure of a Bitcoin sale, while a pullback in US stocks and continued strength in oil prices also put pressure on risk assets overall.

Bitcoin falls to multi-week low

According to CoinDesk data, BTC fell 3.4% in the past 24 hours and 7.5% this week, hitting a low of $70,120 before trading around $70,830. Ethereum was trading at $1,996, XRP fell 3% to $1.28, SOL fell 1.7% to $80.47, and DOGE was basically flat around $0.10.

The market currently lacks new upward momentum. The article mentions that Bitcoin ETF inflows have not yet turned positive, and there are no significant short-term positive factors, causing BTC to continue its decline.

Strategy Discloses Bitcoin Sales for the First Time

A filing with Strategy on Monday revealed that the company sold 32 bitcoins, netting $2.5 million at an average price of $77,135. The funds will be used to pay for preferred stock allocations.

This sale is relatively small compared to Strategy's overall Bitcoin holdings, but the market is more focused on its symbolic significance. As one of the largest publicly traded companies with significant Bitcoin holdings, Strategy's first public disclosure of a sale after years of continuous Bitcoin buying is seen as an additional source of pressure amid weakening market sentiment.

The decline in US stocks and the rise in oil prices exacerbated the pressure.

In addition to factors within the crypto market itself, global risk assets have also cooled. Bloomberg reported that investors began to take profits on some of the gains from the AI rally this year, with US stocks retreating from record highs. The MSCI Asia Pacific index fell 0.5%, the South Korean Kospi index fell 1.8%, and Nasdaq 100 futures fell 0.7%.

Meanwhile, Brent crude oil gave back some of its gains but remained around $94.40 per barrel. The report noted that the deadlock in ceasefire negotiations between the US and Iran has raised market concerns that persistently high energy prices could force the Federal Reserve to maintain higher interest rates for an extended period.

While most mainstream crypto assets weakened, HYPE remained one of the few tokens to buck the trend and rise. The token has gained 24.3% over the past 7 days, reaching $73.76, significantly outperforming Bitcoin and Ethereum.