FX.co ★ Bitcoin Extends Slide

Bitcoin extended its slide to nearly $61,000 in early June—its lowest level since before the escalation of the Iran conflict in late February—before paring losses to trade around $64,000. The token has fallen about 16% since Strategy Inc. sold roughly $2.5 million of its sizable Bitcoin holdings.

As one of the largest corporate holders of Bitcoin and a widely watched proxy for the asset due to its digital-asset treasury strategy, Strategy Inc.’s move has drawn particular scrutiny from investors, even though Saylor had previously indicated that selling was a possibility.

Market sentiment has also been dampened by persistent geopolitical tensions in the Middle East, with US–Iran negotiations still unresolved. The recent downturn underscores Bitcoin’s growing divergence from surging technology stocks, which have been setting fresh record highs.

Bitcoin now trades more than 50% below its peak above $126,000 reached last October. In parallel, US-listed Bitcoin ETFs have recorded nearly $4 billion in outflows across 12 consecutive sessions, the longest streak on record.