Bitcoin plummets below $70,000 for the first time in two months amid concerns of a US-Iran conflict.
US spot Bitcoin ETFs experienced a record 11-day net outflow of nearly $3.5 billion, causing Bitcoin to fall below $70,000 for the first time in two months.
June 2, 2569 at 14.07:XNUMX a.m. Bloomberg News reported that The price of Bitcoin dropped below $70,000 for the first time in nearly two months. Amid concerns about a potential war between the U.S. and Iran, and pressure from Michael Saylor's Strategy Inc. selling Bitcoin for the first time in years, investors have become more cautious.
bitcoin The price fell as much as 2.4% to $69,660 during European trading, its lowest level since April 8. While other major cryptocurrencies... at Ether Solana They all decreased in price as well.
Caroline Moron, co-founder of Orbit Markets. said Geopolitical uncertainty stemming from conflicts in the Middle East, coupled with concerns about Strategy's investment direction, is putting significant pressure on Bitcoin.
Strategy, one of the world's largest publicly traded companies holding Bitcoin, revealed on Monday that... The company sold approximately $2.5 million worth of Bitcoin, its first sale since late 2565.
Although the value of the sale was not significant compared to the total holdings, it is considered an important symbolic signal, as Strategy and Michael Saylor are known as proponents of Bitcoin maximalism and have rarely sold their assets.
Another factor putting pressure on the crypto market is the outflow of capital from US Spot Bitcoin ETFs, which were a key driver of Bitcoin's price increase after their launch over two years ago.
Data compiled by Bloomberg. specify that The US Spot Bitcoin ETF experienced a record 11 consecutive trading days of net outflows, with cumulative losses totaling nearly $3.5 billion during that period.
Sean McNulty, Head of Derivatives Trading for the Asia Pacific region at FalconX. said The $70,000 level is considered a key support level for the market.
"If the price of Bitcoin closes significantly below $70,000 on a daily or weekly basis, it would be considered a structural shift in market trends, rather than a short-term response to news."
Investors therefore continue to monitor the conflict situation in the Middle East, the direction of capital flows in Bitcoin ETFs, and the holding behavior of major players, which could be key factors in determining the direction of the crypto market in the coming period.
refer : www.bloomberg.com
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