BTC falls 3.4% to $70,830 after MicroStrategy’s first bitcoin sale in five years sparks broader crypto weakness.
Bitcoin slid 3.4% to $70,830, its lowest level in weeks, as MicroStrategy’s first publicized bitcoin sale weighed on sentiment amid a broader pause in risk assets. The company sold 32 BTC for $2.5 million to fund preferred stock distributions, a move analysts called symbolically significant despite its small size relative to its 214,000-coin holdings.
The decline extends a weeklong pullback, with BTC trading between $70,120 and $73,458 over the past 24 hours. Ether followed, dipping below $2,000 to $1,996. Negative flows in bitcoin ETFs and a lack of near-term catalysts added to the downward pressure, though select tokens like Hyperliquid’s HYPE outperformed.
MicroStrategy’s 8-K filing disclosed the sale at an average price of $77,135, marking its first divestment since adopting a bitcoin accumulation strategy in 2019. The move fueled debate in markets, including a $14 million Polymarket wager on future sales.