Strategy's Bitcoin sale triggers 15.6% BTC decline over three days

Huoxing Finance reports that on June 4, following Strategy’s prior test sale of 32 bitcoins (approximately $24.7 million), market sentiment rapidly deteriorated. Within the next three days, the price of Bitcoin fell by a cumulative $11,400, a 15.6% decline, erasing approximately $228 billion from the total market capitalization. On the funding side, Bitcoin spot ETFs recorded a net outflow of $1.45 billion over the three trading days following Strategy’s announcement, marking 13 consecutive days of outflows totaling $4.37 billion. Meanwhile, multiple on-chain and institutional developments further intensified market concerns: Mt. Gox transferred a portion of its Bitcoin to the Bitstamp exchange; Tether’s reserves saw Bitcoin transferred to the Bitfinex exchange for the first time; and cryptocurrency asset manager Abraxas Capital began reducing its Bitcoin holdings. Market analysts believe that although Strategy’s sale volume was limited, its status as one of the world’s largest corporate Bitcoin holders amplified market sentiment, triggering a chain reaction of institutional outflows and long positions being unwound.