On June 4, Fidelity Bitcoin ETF (FBTC) declined 5.01% overnight, trading at $54.06/share, with trading volume of $1.548 million.
The decline was driven by a broad cryptocurrency market selloff, with Bitcoin plunging to approximately $62,894, down over 6% in 24 hours. Multiple bearish catalysts converged: Strategy (formerly MicroStrategy), the world's largest corporate Bitcoin holder, sold 32 BTC worth approximately $2.5 million — its first sale since 2022, shattering its long-standing never sell commitment. Additionally, defunct exchange Mt. Gox transferred roughly $739 million in Bitcoin, fueling fears of further liquidation pressure.
Geopolitical tensions between the U.S. and Iran further suppressed risk appetite, while Bitcoin ETF net assets declined from $107.8 billion to $85 billion since mid-May. Analysts at Compass Point noted that even the most committed long-term Bitcoin holders have joined the selling wave, suggesting capitulation may be nearing. Liquidation data indicates that if Bitcoin breaks below $62,000, approximately $609 million in long positions across major exchanges face forced closure.
FBTC seeks to track the performance of bitcoin as measured by the Fidelity Bitcoin Reference Rate, adjusted for the Trust's expenses and other liabilities. The Trust holds bitcoin and values its shares daily based on the same methodology used to calculate the benchmark index.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
