Bitcoin Slides Below $67K as Strategy Sells 32 BTC, MSTR Down 9%, Mt. Gox Moves $739M

Bitcoin News

Shares of Strategy (MSTR) closed down more than 9% on Tuesday at $136.08, extending a two-day slide that has now wiped over 70% off the firm's 52-week high of $457.22. The decline followed a regulatory disclosure showing the largest corporate Bitcoin treasury holder sold 32 BTC for roughly $2.5 million — its first standalone net reduction since December 2022. Although the divestment represents a fraction of Strategy's $56 billion portfolio, shareholders responded harshly, sending the stock down nearly 15% across five sessions. Despite the drawdown, analysts at TD Cowen reiterated a $400 price target, implying close to 200% upside from current levels.

Crypto-linked equities took an outsized hit as Bitcoin tumbled into the mid-$67,000s, marking the asset's first dip below $67,000 since early April. Strategy fell 9.15% to $136.08 with an intraday low of $134.11, dangerously close to its 52-week floor of $104.16. Coinbase Global (COIN) declined 4.23% to $173.74, while Strive (ASST) — the Bitcoin treasury firm founded by Vivek Ramaswamy — slid 6.23% to $16.10 despite announcing one of the year's most aggressive BTC purchases. Bitcoin has shed more than 11% over the past week, with the broader equity carnage reflecting how tightly correlated leveraged crypto proxies have become to spot price action.

The Strategy disclosure carried weight far beyond its dollar value. Between May 26 and May 31, the firm offloaded 32 BTC at an average of $77,135 per coin, with proceeds directed toward funding distributions on STRC, its perpetual preferred stock carrying an 11.5% annual variable dividend. The 32 coins amount to just 0.004% of the company's 843,706 BTC stack, accumulated at an average cost basis of $75,699. The psychological impact, however, has been severe. Strategy's equity narrative was built on Executive Chairman Michael Saylor's emphatic "never sell" posture — a stance that markets now view as broken, regardless of the operational rationale behind the transaction.

U.S. spot Bitcoin ETF products absorbed roughly $3.45 billion in net withdrawals across eleven consecutive trading sessions through late May, marking the largest monthly exodus of 2026. A single session logged $484 million in redemptions, underscoring how aggressively institutional flows reversed after months of accumulation. The sustained outflow streak has weighed heavily on price discovery, removing a key bid that had supported the asset throughout the first quarter. Combined with declining open interest in derivatives markets, the data points to a coordinated de-risking phase rather than isolated profit-taking — a dynamic that historically precedes deeper consolidation phases.

The long-dormant Mt. Gox estate added fresh supply concerns by moving 10,422 BTC — worth approximately $739 million — in a single transfer at 04:47 UTC on June 2. On-chain tracking shows 10,306 BTC routed to a new address with no prior transaction history, marking the estate's largest movement in months. The transfer arrives as the creditor repayment deadline approaches in October 2026. While no immediate exchange inflows have been linked to the wallets, automated trading systems reacted swiftly to the headline, triggering cascading liquidations across leveraged positions and amplifying intraday volatility well beyond what the underlying flow would justify.

Beyond Strategy and Coinbase, broader crypto-equity weakness extended across the sector. Altcoin treasury firms BitMine Immersion Technologies (BMNR) and Sharplink (SBET) declined 4.62% and 6.14% respectively, closing at $17.98 and $5.81. Analysts at Compass Point reiterated a $140 price target on COIN, implying a further 19% downside from current levels — a notable divergence from TD Cowen's bullish MSTR stance. The split in coverage reflects deeper analyst disagreement on whether the current drawdown represents a healthy reset within a longer-term uptrend or the opening leg of a more structural repricing across the entire crypto-equity complex.

Bitcoin trades at $67,795 with the 24-hour decline at 4.97%, placing the asset firmly in oversold territory as RSI plunges to 22.7 — a reading that historically precedes near-term mean-reversion bounces. The MACD remains bearish and the broader trend is decisively down, with $66,862 marking immediate support; a clean break invites a test of $64,829 and potentially $62,510. Resistance sits at $68,397, followed by $70,321 and $72,673. A reclaim of $70,000 on rising volume would neutralize the bearish structure, while a daily close below $64,800 would invalidate any short-term recovery thesis and open the door to deeper capitulation.