In early June, Bitcoin dropped more than 2% to below $70,000, its lowest level since April 8, as escalating geopolitical risks and softening institutional demand pressured the market. Sentiment was hit by renewed concerns over a potential US–Iran conflict and by a rare sale from Strategy Inc., which heightened worries about corporate treasury appetite for Bitcoin. Strategy disclosed the disposal of roughly $2.5 million in Bitcoin—its first sale since late 2022—signaling a symbolic departure from its long-running accumulation strategy.
Confidence was further dented by persistent ETF outflows. US spot Bitcoin ETFs logged net redemptions for 11 consecutive sessions, with cumulative withdrawals of about $3.45–$3.5 billion. At the same time, some capital appeared to rotate into equities: robust risk appetite in AI and semiconductor names coincided with crypto outflows, indicating a broader shift in investor positioning across risk assets.
