Bitcoin falls under $70,000 as ETFs outflows intensify

Bitcoin fell below the $70,000 mark on Tuesday, reaching its lowest price point in nearly two months amid a confluence of institutional selling pressure, geopolitical tensions, and significant outflows from exchange-traded funds. The world's largest cryptocurrency dropped over 3.8% in 24 hours, touching intraday lows around $69,300 to $69,900.

The decline accelerated following a disclosure from MicroStrategy, the largest corporate holder of bitcoin. The company reported selling 32 bitcoins for approximately $2.5 million to fund distributions on its preferred stock, marking its first publicly disclosed sale in several years. While the transaction represented a tiny fraction of MicroStrategy's holdings of over 843,000 bitcoins, market participants viewed the move as symbolically significant.

Concurrently, U.S. spot bitcoin ETFs posted an eleventh consecutive day of outflows, the longest such streak since the products launched in 2024. Data indicates these funds have seen net outflows exceeding $3.46 billion since mid-May, with one day this week alone recording nearly $483 million in withdrawals. Analysts pointed to these sustained institutional redemptions as a primary driver of...