Bitcoin Dives Below $67K as $1.25B Liquidated, Strive Adds 2,500 BTC, Schwab Targets 2027

Bitcoin News

Bitcoin endured its sharpest single-session drawdown since April, opening near $71,305 before sliding to an intraday low of $66,948 and settling around $67,287 — a 5.65% decline that erased weeks of stabilization attempts. The breakdown punctured the $68,000–$70,000 zone that had absorbed selling pressure for several weeks, with the daily candle decisively breaching the volume shelf that previously alternated as floor and ceiling. Spot products amplified the move: U.S. spot Bitcoin ETFs recorded $2.43 billion in May outflows, the worst monthly print of 2026, reversing April's $1.97 billion of inflows in a single stroke and underscoring how quickly institutional conviction has eroded since the October peak.

Research desks attribute much of the downside to capital rotation rather than crypto-native deleveraging. Bitcoin has failed repeatedly to reclaim its 200-day moving average even as the Nasdaq and S&P 500 set fresh record highs, with investors prioritizing AI equities and anticipated IPOs from SpaceX and Anthropic over digital-asset exposure. Spot products shed roughly 62,794 BTC across the past three weeks — the second-largest outflow streak on record — while CME futures open interest fell to its lowest reading since October 2023. Funding rates in perpetuals have ticked up even as price slipped, hinting that leveraged longs are accumulating into weakness rather than capitulating, a setup that historically precedes additional flush-outs.

The mechanics behind Wednesday's slide were textbook cascade dynamics. Cross-crypto liquidations swelled to $1.25 billion over 24 hours as the BTC/USD pair broke through stacked stop clusters, with analysts now eyeing the 50-month exponential moving average near $66,250 as the next technical pivot. Prediction venues have begun pricing the mid-$50,000 range as a realistic target, and the divergence between Bitcoin and traditional risk assets has widened to one of the starkest readings of the cycle. Commentary on social channels flagged record open interest pairing with aggressive spot selling — a combination that often resolves with a final capitulation candle wiping underwater leveraged positions from the system.

Against the bearish tape, asset manager Strive moved aggressively to expand its Bitcoin position, disclosing the purchase of 2,500 BTC for roughly $185.2 million at an average cost near $74,092 per coin. The buy lifted the firm's stack to 19,000 BTC valued around $1.3 billion, with quarter-to-date BTC yield reported at 23% and year-to-date yield at 36.7%. Strive simultaneously announced plans to upsize a preferred stock issuance program by $4.2 billion and earmarked $44 million to secure an 18-month dividend reserve for its SATA preferred, which begins daily 13% annualized payouts on June 16. Benchmark-StoneX initiated coverage with a Buy rating and a $32 price target.

Charles Schwab provided the longer-horizon institutional headline, confirming a mid-2027 rollout of spot crypto trading, custody, and transfer services for its registered investment advisor channel. The largest U.S. RIA custodian — overseeing roughly $12.6 trillion in client assets across more than 16,000 advisory firms — intends to wire spot crypto into the same custody rails currently used for equities, fixed income, and alternatives. Advisors today route client digital-asset exposure primarily through exchange-traded products, but demand for direct spot access has accelerated. The advisor build follows April's launch of Schwab Crypto for retail brokerage accounts, executed via sub-custodian Paxos at 75 basis points per trade, excluding New York and Louisiana residents.

Bitcoin miner Hive Digital Technologies offered a contrasting growth story tied to compute economics. The Canadian operator posted fiscal 2026 revenue of $297.8 million, a 158% year-over-year jump, after mining 2,885 BTC versus 1,414 the prior year at an average realized price near $98,000. Treasury holdings dropped to 150 BTC from 481, reflecting active monetization. The BUZZ HPC division grew 94% to $19.5 million, and Hive disclosed plans for a 320-megawatt AI data center near Toronto designed to house more than 100,000 Nvidia GPUs at full buildout. Management targets $660 million in annualized recurring computing revenue by year-end 2028, against a fiscal-year GAAP net loss of $148.4 million largely composed of non-cash depreciation.

The broader macro framing remains structurally bearish for risk: a 46% drawdown from the $126,198 all-time high set on October 6, 2025, has positioned BTC firmly inside bear market territory. Inflation in major economies remains elevated, with global M2 near $120 trillion implying multi-trillion-dollar annual purchasing-power erosion at a 4% rate — the structural argument long-term holders cite for the 21 million hard cap. Yet near-term flows tell a different story, as spot ETF redemptions, weak derivatives positioning, and equity outperformance compound pressure on price discovery.

Technically, BTC trades at $67,196 with momentum deeply oversold: RSI prints at 22.9, well below the 30 threshold, while candlestick structure shows a clean break beneath the $68,659 first resistance. Immediate support sits at $66,863, with secondary defenses at $64,829 and $62,510 — the last of which aligns with bear-case targets toward the mid-$50,000s. The MACD remains bearish and trend is firmly down. A reclaim of $68,659 followed by $70,261 would neutralize the short-term thesis, while sustained closes beneath $64,829 would validate continuation toward the 50-month EMA cluster.