Bitcoin continued to weaken on Monday, dropping intraday to around $71,479, a level not seen since early April. Over the past 24 hours, BTC fell nearly 3%, and over the past week, it has retraced more than 7%. Market pressure has been driven by ETF outflows, institutional selling, and increased long liquidations.
Continuous outflows from ETFs have weighed on this year's performance.
Spot Bitcoin ETFs have experienced net outflows for 10 consecutive trading days, with a cumulative outflow approaching $3 billion. As this wave of withdrawals continues to grow, the year-to-date fund flows for related exchange-traded products have turned negative.
This means that the total amount of funds investors have allocated to Bitcoin through ETFs this year has fallen below year-end levels. The outflow also reflects that some investors are cashing out or shifting to other asset allocations.
Last week, the strategy sold 32 bitcoins.
In addition to ETF holders reducing their positions, actions by corporate Bitcoin holders are also being closely watched. Last week, Strategy, which holds over $60 billion in Bitcoin, sold 32 BTC, cashing out approximately $2.5 million at an average selling price of around $77,135.
This transaction occurred shortly after Michael Saylor, the company’s chairman and founder, indicated he “might sell some Bitcoin.” According to filings submitted to the U.S. Securities and Exchange Commission, the purpose of this sale was to fund dividends on the company’s preferred shares.
Long liquidation intensifies short-term pressure
Passive liquidations in the derivatives market further amplified the downward trend. According to CoinGlass data, approximately $155 million in Bitcoin-related positions were liquidated over the past 24 hours, with about 94% coming from long positions betting on price increases.
After a series of consecutive declines, Bitcoin's decline over the past month has approached 8%, retracing approximately 43% from its all-time high of $126,080. Ongoing capital outflows, corporate sell-offs, and the liquidation of leveraged positions are collectively suppressing short-term market sentiment.