Foreign media reported that over the past week, Bitcoin fell by more than $15,000, dropping from $82,400 to around $65,900. Amid the rapid price decline, approximately $2.41 billion in liquidations occurred across the crypto market within 48 hours, with hourly futures liquidations reaching $93 million, and long positions accounting for nearly 95%.
IBIT continues to experience outflows
The article notes that BlackRock’s spot Bitcoin ETF, IBIT, experienced nine consecutive trading days of net outflows in May, totaling approximately $2.43 billion for the month. More significant for the market was a large off-exchange trade of about $1.26 billion on May 26.
This volume level typically corresponds to institutional trading, prompting immediate speculation in the market about the identity of the sellers and the reasons for their position reduction. No further clarification has been provided in public information, but given the weakening price trend, such large trades tend to amplify cautious sentiment.
Strategy sell coins again for the first time
The second signal amplified by the market comes from Strategy. The article states that the company disclosed its first sale of Bitcoin since December 2022, selling 32 BTC for approximately $2.5 million to pay preferred dividends.
In terms of position size, this trade represents a very small portion. According to the data provided, Strategy still holds 843,706 BTC, so the sale alone is insufficient to alter the supply and demand dynamics. However, the market has long viewed it as a consistent buyer; once this expectation weakens, the emotional impact often outweighs the actual trade size.
Mt. Gox transfers reignite 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 at approximately $739 million according to the article, marking one of the largest transfers in recent months.
Due to the Mt. Gox creditor repayment deadline set for October 2026, the market has remained sensitive to movements in related addresses. Each large transfer triggers speculation that creditors may be selling Bitcoin, contributing to recent downward pressure on risk appetite.
Altcoin declines have been relatively contained.
However, the article notes that this downturn has shown signs different from previous ones. Typically, during rapid declines in Bitcoin, altcoins fall even more sharply, but this time some major tokens have remained relatively stable.
The article notes that ETH fell about 5% for the day but remained above $1,824; SOL dropped 5.14%; BNB fell 5.62%; while Hyperliquid increased nearly 20% over the past seven days. This indicates that the market did not experience a synchronized downturn across the board.
The article also cites analyst Michaël van de Poppe, who noted that Bitcoin is now less than 10% away from its 200-week moving average, with its daily RSI below 25. According to him, such levels have historically corresponded to阶段性底部 regions. If Bitcoin stabilizes at its current level, altcoins may subsequently exhibit a stronger reaction.