Bitcoin price has fallen below $68,000 on Tuesday, the lowest level since early April, hit by a host of forces. Some of them include Strategy’s first Bitcoin sale in three and a half years, a record ETF outflow, and fresh movement on the chain from long-dormant Mt. Gox property.
The catalyst that some believe rattled the markets was a disclosure from Strategy that was filed with the SEC on Monday. The company sold 32 Bitcoins between May 26 and May 31, achieving an average bitcoin price of $77,135 per coin for a total revenue of about $2.5 million.
The sale is intended to fund distributions on STRC, Strategy’s perpetual preferred stock with an annual variable dividend of 11.5%.
The numbers are small in isolation – 32 BTC represents just 0.004% of the Strategy’s total holdings of 843,706 Bitcoins, purchased at an average bitcoin price of $75,699 per coin. But the symbolic weight hit hard.
It’s the company’s first reported net reduction in Bitcoin holdings through a standalone SEC filing, and the market responded: MSTR stock fell 5.85% on Monday and is down about 6% so far Tuesday morning.
Strategy’s sale did not come in isolation. U.S. spot Bitcoin ETFs recorded about $3.45 billion in withdrawals across 11 straight trading sessions through the end of May — the largest monthly ETF exodus in 2026. A single session yielded $484 million in redemptions.
Bloomberg Intelligence analyst Eric Balchunas pushed back the panic and took note CoinDesk that $3 billion in outflows from a $100 billion asset base is “completely meaningless” relative to normal ETF flow patterns.
He pointed out that cumulative net flows since spot Bitcoin ETFs launched remain close to $57 billion, down from a peak of $63 billion — an unusually resilient number for a volatile asset. The number of ETF shares has continued to grow even as Bitcoin’s price fell, which Balchunas described as a sign of ongoing adoption rather than investor flight.
Mt. Gox moves $739 million
Adding pressure to an already fragile bitcoin price, Mt. Gox Bitcoin worth about $739 million from its cold wallets on Tuesday — its first on-chain movement in over two months, according to Arkham Intelligence.
The defunct Japanese exchange, which collapsed in 2014 after a hack wiped out around 850,000 BTC, has been repaying creditors in phases since 2024. The repayment deadline for remaining creditors is now October 31, 2026.
Any major wallet movement tied to Mt. Gox sparks anxiety in the crypto markets, as creditors who receive repaid Bitcoin have historically sold their holdings.
The estate still holds thousands of BTC, and each transfer renews questions about how much supply could enter the market before the final deadline.
Bitcoin price teeters on Iran news
A renewed flare-up in the US-Iran conflict has added a risk-off tone across markets. Iran suspended nuclear talks with the United States in response to Israel’s escalating military operations in Lebanon, raising the risk of wider regional conflict and potential retaliation from Tehran.
Despite the pause, Donald Trump claimed that talks are still progressing “at a rapid pace” while also brokering a tentative ceasefire understanding between Israel and Hezbollah.
At the time of writing, the bitcoin price is in the mid-$67,000s. Strategy (MSTR) and Strive (ASST) are both trading nearly 10% lower today as Bitcoin price volatility exposes the leverage in their “Bitcoin treasury” business models.
The selloff reflects investors reassessing how much of a premium they are willing to pay over underlying Bitcoin exposure, especially as spot Bitcoin ETFs and direct crypto products offer cheaper and cleaner ways to access the asset. Because both firms have tied their stock histories so closely to Bitcoin accumulation, any sharp move in the crypto market is now amplified in their stock prices on both the downside and the upside.