Bitcoin Falls Below $70,000 After Strategy Confirms Recent Bitcoin Sale

$BTC has fallen below $70,000, shedding more than 4.5% in 24 hours, as a confluence of selling pressure and a notable corporate disclosure weighed on market sentiment.

Strategy Sells Bitcoin for the First Time in Years

The immediate catalyst came from Strategy (Nasdaq: MSTR), the largest known corporate holder of Bitcoin. According to a June 1 SEC filing, Strategy sold 32 BTC between May 26 and May 31, 2026, at an average price of $77,135, with proceeds expected to fund distributions on its preferred stock. The filing, which disclosed the firm's first net Bitcoin disposal in nearly four years, sent MSTR shares down 6% and Coinbase down 5%.

Strategy, the publicly traded business intelligence company with the largest known corporate Bitcoin holding, had flagged the possibility of a sale during its first-quarter 2026 earnings call on May 6. Any Bitcoin sale would fund a dividend on the company's STRC preferred stock, a class of share that pays fixed dividends before common stockholders receive any payment.

Despite the disposal, Strategy's aggregate Bitcoin holdings stood at 843,706 BTC as of May 31, 2026, acquired at a total cost of approximately $63.87 billion. The company also maintains a USD Reserve, established in December 2025 to support preferred stock dividend payments, with a balance of $900 million as of May 31.

Broader Market Pressure Compounds the Drop

The Strategy news landed on an already fragile tape. Bitcoin sealed its third red monthly candle of 2026 on May 31, closing at $73,751 after opening the month near $77,150, a 4.4% loss that defied May's historical average gain of 18.7%.

Bitcoin spot ETFs closed May with $2.30 billion in net outflows, the largest monthly outflow of 2026 and the steepest since November 2025. Stalled U.S.-Iran ceasefire talks also pushed Brent crude back above $93 a barrel, reversing the oil-price relief that had briefly lifted BTC to $82,000 in early May.

The Fear and Greed Index fell to 23, its lowest reading since the April sell-off, with 147,970 traders liquidated in the past 24 hours and long positions absorbing 75.6% of $570.99 million in total derivatives liquidations. Traders are now watching the $70,000 level closely, with a sustained break lower seen as a potential trigger for further losses.

Sources:
Strategy Inc. Form 8-K, June 1, 2026 (SEC EDGAR)
Crypto Market Today: Bitcoin Opens June Below $72K (CryptoTimes)
Strategy May Sell Bitcoin to Fund STRC Dividend (CoinPaprika)