Bitcoin Slides Under $63K as STRC Tests Par, BlackRock Sells $230M, $10B Liquidated

Bitcoin News

Strategy's variable-rate STRC preferred stock slid toward $90 this week as Bitcoin dropped under $63,000, before clawing back toward its $100 par value — a pattern that has shadowed every major drawdown this year. The dip arrived just days before shareholders approved a shift to semi-monthly dividend payments, a change management says should steady the share price and tighten trading near par. STRC carries an 11.5% annual yield held unchanged for a fourth straight month, with the rate engineered to reset and attract buyers whenever shares fall below par. It first broke under $95 on June 3, closing at $94.65 as liquidations topped $1.6 billion.

The largest cryptocurrency fell nearly 14% last week, dragging prices toward $60,000 and triggering close to $10 billion in long futures liquidations as leveraged traders were forced out. The selloff exposed how quickly a shift in risk appetite turns into cascading forced selling when leverage has quietly rebuilt across derivatives markets. Bitcoin later recovered to about $63,000, but the rebound did little to resolve debate over the causes of one of 2026's sharpest declines. Market researchers point to capital rotating into artificial intelligence, private technology deals, and crowded futures positioning as the overlapping pressures behind the sudden unwind.

BlackRock executed a notable on-chain rebalancing, selling 3,671 BTC worth roughly $230 million while buying 10,566 ETH valued near $17.7 million. The move unfolded during one of 2026's most volatile stretches, with heavy outflows hitting the firm's flagship IBIT and ETHA exchange-traded funds. The Ethereum purchase pushed the linked wallet's accumulation above 10,000 ETH, signaling persistent institutional appetite for altcoin exposure even as Bitcoin dominates headlines. The reshuffle underscores that the asset manager continues to actively manage its digital-asset book rather than holding passively, adjusting allocations based on valuation and shifting market conditions.

Strategy's accumulation engine remains central to the market's structure. The company held 845,256 BTC as of June 9, backed by roughly $1 billion in cash reserved for dividends and debt service. STRC issuance alone has funded close to 77,000 BTC in purchases this year — more than the net total absorbed by every US spot Bitcoin fund combined. That mechanism only works smoothly when shares trade at or above par, and the firm has paused issuance before when discounts widened. With such a large balance sheet, STRC now moves less on its own mechanics than on Bitcoin sentiment, a linkage visible each time price weakness pressures the shares.

Executive Chairman Michael Saylor framed the downturn as a competition for capital rather than a crisis of conviction. He noted that roughly $400 billion flowed into AI infrastructure over the past six months, while US-listed spot Bitcoin funds shed about $4 billion since mid-May. Researchers echoed the view that AI has become Bitcoin's direct rival for speculative attention, drawing the same investors who seek exposure to emerging technologies and large addressable markets. The pull extends into private markets, where allocators are positioning for anticipated listings from SpaceX, OpenAI, and Anthropic — diverting liquidity that once flowed reflexively into the top cryptocurrency.

Analysts remain split on whether the weakness marks a pause or a deeper reset. One widely followed trader argues Bitcoin is stalling beneath $65,000, a level that flipped from support to resistance following February's crash. A clean breakout above that ceiling, he contends, could ignite a rapid run toward $72,000 to $74,000 and ease pressure on leveraged structures like STRC. Until that level reclaims, however, rallies risk being sold into. The debate captures the broader tension: structural buyers continue absorbing supply, yet macro rotation and stretched positioning keep capping upside attempts on the chart.

Technically, Bitcoin trades near $62,352, down about 2.1% on the day within a clear downtrend. An RSI of 25 marks deeply oversold territory, hinting at a possible relief bounce, though the MACD remains bearish and confirms downside momentum. Immediate support sits at $61,862, with deeper cushions at $59,131 and $52,679. Resistance is layered at $63,049, $64,742, and $68,192. A reclaim of $64,742 would weaken the bearish case and could open a path toward a bull-market retest of $68,000. Failure to hold $61,862 risks accelerating toward the $59,000 zone — the level that would invalidate any near-term recovery thesis.