Bitcoin has returned to a key price zone between $66,900 and $68,000 following a sale by Strategy. The move comes amid broader market pressure from ETF outflows.
Strategy disclosed the sale of a portion of its Bitcoin holdings as part of a tax-optimization plan first mentioned during its first-quarter earnings call. The cryptocurrency fell about 9 percent since Sunday and reached its lowest level since March. Citi said the sale should not have surprised markets and does not change the firm's overall approach. The bank noted that spot Bitcoin ETF flows account for roughly 45 percent of weekly price moves and have seen a record 11 straight days of net outflows. Analyst Alex Saunders wrote that negative flows and fading prospects for a U.S. crypto market structure bill are keeping sentiment subdued. Bitcoin traded near $66,942 on Wednesday morning in London after a June 2 break below $68,000 triggered roughly $400 million in liquidations.
