Bitcoin Falls to Two-Month Low as ETFs Turn Negative

Bitcoin dropped to about $71,479 on Monday, its lowest level since early April, after a corporate sale and sustained ETF outflows. The price was roughly 2.8% lower over 24 hours and more than 7% lower for the week.

Over the past month Bitcoin is down about 8% and sits roughly 43% below its all-time high of $126,080.

Bitcoin exchange-traded funds recorded nearly $3 billion in net outflows across a 10-day period, leaving net year-to-date flows in negative territory and reducing the funds’ assets under management.

Strategy disclosed in an SEC filing that it sold 32 BTC last week for about $2.5 million, at an average price of $77,135 per coin, with proceeds to be used to fund distributions on its preferred stock. The filing showed the sale lowered Strategy’s reported holdings to about 843,706 BTC, valued at roughly $61 billion at current prices.

Michael Saylor had earlier indicated the firm would “probably sell some Bitcoin” to support dividend payments.

Shares of Strategy’s parent opened more than 8% lower and later traded over 6% below the prior close after the disclosure.

Market data show roughly $155 million of Bitcoin positions were liquidated in the past 24 hours, about 94% of those on long positions.

Net ETF flows are negative year-to-date and the corporate sale reduced a large holder’s reported balance.