Foreign media reports that Bitcoin has fallen by more than $15,000 in the past week, from $82,400 to around $65,900. Along with the rapid price decline, the cryptocurrency market saw approximately $2.41 billion in liquidations within 48 hours, with futures liquidations reaching $93 million in a single hour, and long positions accounting for nearly 95%.
IBIT continuous outflow
The article mentions that BlackRock's Bitcoin spot ETF, IBIT, experienced net outflows for nine consecutive trading days in May, totaling approximately $2.43 billion for the month. More noteworthy for the market was a large dark pool transaction of approximately $1.26 billion on May 26th.
Such large transactions typically correspond to institutional fund operations, thus quickly sparking market speculation about the seller's identity and the reasons for reducing their holdings. Public information has not provided further explanation, but given the already weakening price trend, such large transactions can easily amplify cautious sentiment.
Strategy sells coins again for the first time
The second signal amplified by the market came from Strategy. The article stated that the company disclosed its first Bitcoin sale since December 2022, selling 32 BTC and cashing out approximately $2.5 million to pay preferred stock dividends.
In terms of holdings, this transaction represents a very small percentage. According to the data in the article, Strategy still holds 843,706 BTC, so the sale itself is not enough to change the supply and demand structure. However, the market has long viewed it as a continuous buyer, and once this expectation is shaken, the emotional impact often outweighs the transaction size itself.
Mt. Gox transfer sparks renewed speculation
The third source of pressure comes from Mt. Gox. On June 2, the defunct exchange transferred 10,422 BTC to a new wallet, estimated in the article to be worth approximately $739 million, making it one of the largest transfers in recent months.
Because the deadline for Mt. Gox creditors to make payments is set for October 2026, the market has been highly sensitive to changes in related addresses. Each large transfer triggers speculation that creditors may be selling Bitcoin, which has become one of the factors suppressing risk appetite recently.
Altcoins saw relatively restrained price drops.
However, the article argues that this round of decline also shows signs different from the past. Typically, altcoins experience larger drops when Bitcoin falls rapidly, but this time some mainstream tokens have shown relative stability.
The article mentions that ETH fell by about 5% that day, but still held above $1,824; SOL fell by 5.14%; BNB fell by 5.62%; while Hyperliquid has risen by nearly 20% in the past 7 days. This means that the market did not experience a comprehensive synchronized decline.
The article also cites analyst Michaël van de Poppe's view that Bitcoin is less than 10% away from its 200-week moving average, while its daily RSI is below 25. According to him, such levels often correspond to temporary bottoming areas. If Bitcoin stabilizes at its current level, altcoins may see a stronger reaction.
