On June 4, iShares Bitcoin Trust ETF declined 3.16% overnight, trading at $35.93/share, with trading volume of $7.3958 million. The drop reflects a broad crypto selloff triggered by multiple bearish catalysts.
On the news front, Strategy (formerly MicroStrategy), the largest corporate Bitcoin holder globally, disclosed its first Bitcoin sale since 2022, offloading 32 BTC for approximately $2.5 million. Though the amount is minimal relative to its $59 billion Bitcoin holdings, the symbolic break from its long-standing never-sell policy shattered market confidence and triggered cascading liquidations among leveraged long positions. Bitcoin plunged over 5% within 24 hours, breaching the $67,000 level.
Compounding the selloff, defunct exchange Mt. Gox transferred approximately $739 million in Bitcoin, stoking fears of further institutional dumping. Middle East geopolitical tensions between the US and Iran further suppressed risk appetite, while Bitcoin ETF net assets declined from $107.8 billion to $85 billion since mid-May, reflecting sustained fund outflows across the sector.
The iShares Bitcoin Trust seeks to reflect generally the performance of the price of bitcoin.
(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.)
