Bitcoin Slips Below $69K as Mt. Gox Shifts $739M, Strive Adds 2,500 BTC, Capital B Eyes $122B

Bitcoin News

The dormant Mt. Gox estate shifted 10,422 Bitcoin worth roughly $739 million in its largest movement in months, rattling traders already navigating a fragile tape. On-chain records place the transfer in block 952,072 at 04:47 UTC on June 2, with 10,306 BTC routed to a fresh, never-before-used address and 116 BTC sent to a known Mt. Gox hot wallet. A follow-up transaction directed another 116 BTC elsewhere, alongside a small test transfer to a Bitstamp cold wallet. The activity mirrors past administrative steps tied to creditor payouts, though no coins have yet hit any exchange.

The timing amplified pressure as Bitcoin slid below $69,000 and briefly touched $68,950, marking a two-month low. The defunct Tokyo exchange still controls roughly 34,500 BTC valued near $2.43 billion, with the final creditor repayment deadline extended to October 31, 2026. Roughly 19,500 creditors have received funds since distributions began in mid-2024. Market observers note that the remaining overhang, while sizable in absolute terms, is modest against current spot liquidity — meaning ETF flows, macro positioning, and institutional demand remain more decisive drivers than the residual Mt. Gox wallet activity itself.

Strategy's first BTC sale since 2022 may be reverberating well beyond its modest size. Analysts argue that the symbolic shift in posture from the largest corporate holder could mark the start of a structural rotation toward ether. Since the sale was disclosed, ETH has appreciated roughly 5% against BTC, ranking among the largest single-session ETH/BTC gains on a down day since early 2024. One closely followed forecast targets an ETH/BTC ratio of 0.04 by year-end from around 0.028 today, implying ether could outperform Bitcoin by more than 40% even if both assets continue trending lower.

HIVE Digital Technologies illustrated the tightening squeeze on miner balance sheets, posting fiscal 2026 revenue of $297.8 million, a 158% year-on-year jump, while slashing its treasury from 481 BTC to just 150 BTC over the final quarter. Digital currency revenue rose 164% to $278.3 million as installed hashrate scaled roughly four-fold to 25.1 EH/s, and mined output climbed to 2,885 BTC from 1,414 a year earlier. Yet fourth-quarter mining revenue fell 23.9% sequentially under softer prices and a 27% jump in network difficulty, with adjusted EBITDA swinging to negative $9 million.

France-listed treasury company Capital B is pressing in the opposite direction, asking shareholders to authorize one of the most aggressive capital mandates ever proposed by a public Bitcoin accumulator. The June 17 vote covers up to 5 billion euros ($5.8 billion) in fresh equity via 125 billion new shares, alongside $116 billion in credit instruments earmarked to accelerate BTC purchases. The filing arrives after a recent 192 BTC buy at an average of $78,948 and a follow-on 4 BTC acquisition lifted holdings to 3,139 BTC. Shares fell about 7% to $0.56, extending a six-month decline of roughly 44%.

Strive, Inc. capitalized on the weakness, acquiring 2,500 BTC for approximately $185.2 million at an average price of $74,092 per coin. The SEC Form 8-K filing pushes the Dallas-based treasury firm to 19,000 BTC, planting it inside the top ten publicly traded corporate holders. Strive disclosed plans to expand at-the-market offerings by $4.2 billion, splitting the increase evenly between common stock and its SATA perpetual preferred shares. Cash reserves rose to $137.3 million, and quarter-to-date BTC yield stands at 23.0%, with an amplification ratio of 57.0% reflecting the firm's bitcoin-denominated performance framework.

Spot price near $68,811 leaves Bitcoin testing the upper support shelf at $68,041, with deeper rails at $64,829 and $62,510 if sellers press through. RSI at 25.19 sits in textbook oversold territory, hinting at exhaustion-driven bounces, but the bearish MACD and confirmed downtrend keep rallies fragile. Reclaiming the $70,280 resistance is the first technical hurdle, followed by $72,673 and $75,067. A sustained close above $70,280 would soften the bear-market read; conversely, a daily close below $68,041 likely invalidates the oversold-bounce thesis and opens the path toward the $64,800 zone.