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Bitcoin Falls to $70K Amid Strategy Sale and Iran Uncertainty
Bitcoin dropped to a two-month low on Tuesday, extending recent losses after the largest corporate cryptocurrency holder, Strategy, sold part of its Bitcoin holdings for the first time in nearly four years.
The cryptocurrency market also came under pressure due to weakening risk appetite amid growing uncertainty surrounding the conflict involving the United States, Israel, and Iran, as well as mixed signals regarding ongoing negotiations.
Bitcoin fell 3.9% to $70,287.3, marking its lowest level since early April.
Strategy Sells Bitcoin for the First Time Since Late 2022
On Monday, Strategy disclosed that it sold 32 BTC between May 26 and May 31 at an average net price of $77,135 per coin.
The company generated approximately $2.5 million from the transaction.
Shares of the company led by Michael Saylor fell nearly 6% following the disclosure.
Although the sale represented only a small fraction of the company's total holdings, it was the first known Bitcoin sale by Strategy since late 2022.
The company currently holds 843,706 BTC.
Saylor had previously warned investors that Strategy might consider selling a portion of its reserves to meet substantial debt obligations.
The firm's Bitcoin purchases were largely financed through debt issuance and preferred stock offerings. As a result, the company now faces interest and dividend payment obligations tied to that financing.
At the same time, Saylor reassured investors that Strategy intends to acquire even more Bitcoin in the future.
Nevertheless, the sale itself was interpreted as a bearish signal by the market, particularly as it occurred during a period of intensified institutional selling pressure.
More Than $3 Billion Withdrawn from Bitcoin ETFs
According to SoSoValue, investors have withdrawn more than $3 billion from spot Bitcoin ETFs over the past three weeks.
These outflows have added further pressure to Bitcoin and contributed to worsening market sentiment.
Crypto Market Weakens Amid Iran-Related Uncertainty
The broader cryptocurrency market also moved lower on Tuesday.
Risk appetite remained subdued due to uncertainty surrounding tensions involving the United States, Israel, and Iran.
Reports emerged on Monday indicating that Iran had withdrawn from indirect negotiations with the United States.
U.S. President Donald Trump offered mixed signals, stating that negotiations were continuing and that a deal could be reached within the coming week.
However, Tehran did not confirm that negotiations were still underway.
A partial ceasefire between Israel and Hezbollah provided some relief to financial markets, but that positive impact was largely offset by ongoing uncertainty surrounding U.S.-Iran relations.
Performance of Major Cryptocurrencies
Against this backdrop:
- Ethereum declined 0.1% to $1,985.64;
- XRP fell 3.3% to $1.2706;
- Cardano lost 3.6%;
- Solana declined 2.2%;
- BNB fell 1.3%.
Among meme coins:
- Dogecoin dropped 0.6%;
- TRUMP gained 3.1%.
See also: "Bitcoin Falls Below $71,000 as U.S.-Iran Talks Collapse"
