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Bitcoin fell below $70,000 for the first time in nearly two months amid concerns surrounding the US-Iran conflict and a rare coin sale by Strategy.
Bitcoin fell more than 3.5% to $69,796 during European trading, hitting its lowest since April 7. Digital currencies declined: Ether, Solana, and other tokens also fell. At the time of writing, BTC had returned above $70,000, but under steady pressure.
"Geopolitical uncertainty in the European Union and its balance sheet strategy are weighing heavily on the situation," said Carolina Moron, co-founder of Orbit Markets. Michael Saylor's strategy on Monday unveiled its first investment sale since late 2022, selling approximately $2.5 million in coins.
Another pandemic threat comes from exchange-traded funds (ETFs), which initially fueled the price surge after their launch more than two years ago.
US spot ETF flows recorded a record 11 consecutive days of net outflows, with investors withdrawing nearly $3.5 billion during that period, according to Bloomberg data.
"A confirmed daily or weekly close below $70,000 would be a structural shift, not a response to headlines," noted Sean McNulty, head of Asia-Pacific derivatives trading at FalconX.