Bitcoin Slides as BlackRock ETF Sees Heavy Outflows, Strategy Sells, and Mt. Gox Moves Coins
Bitcoin has dropped more than $15,000 over the past week, sliding from $82,400 to $65,856. The selloff triggered widespread forced unwinds: over $2.41 billion in crypto positions were liquidated in 48 hours, including $93 million in futures wiped out in a single hour. About 95% of those liquidations were long positions.
Three catalysts have been in focus.
First, BlackRock's iShares Bitcoin Trust (IBIT), the world's largest Bitcoin ETF, logged nine straight outflow sessions in May. The fund saw $2.43 billion leave during the month. Traders were rattled by a $1.26 billion dark-pool block sale executed on May 26, a size that typically signals institutional activity. No public explanation has been provided.
Second, Strategy disclosed its first Bitcoin sale since December 2022, selling 32 BTC for $2.5 million to meet preferred stock dividend obligations. While the amount is negligible versus Strategy's 843,706 BTC holdings, the move dented a long-held market assumption that the company is a consistent, unconditional buyer.
Third, defunct exchange Mt. Gox transferred 10,422 BTC, worth roughly $739 million, to new wallets on June 2, its largest movement in months. With the creditor repayment deadline set for October 2026, large wallet transfers continue to fuel speculation about potential selling by creditors awaiting distributions.
Altcoins, though, are not tracking the usual script. In typical risk-off episodes, a 10% Bitcoin decline can pull many altcoins down 20% to 40%. This time, the drawdowns have been more contained. Ethereum is down 5% on the day but remains above $1,824. Solana fell 5.14% and BNB slipped 5.62%, while Hyperliquid is up nearly 20% over the past seven days.
Analyst Michaël van de Poppe pointed to the divergence, noting Bitcoin is now less than 10% above its 200-week moving average. He highlighted strong monthly support and a daily RSI below 25, a level that has historically coincided with at least a short-term floor. If Bitcoin stabilizes in this area, he said, altcoins could push higher, setting up what he described as the conditions for an "altcoin summer."
