Bitcoin Drops 6% as Crypto Market Liquidations Reach $1.25 Billion and Bets on $50,000 Reappear

Bitcoin fell to as low as $66,900, its weakest level since April 5, before trading in the mid-$67,000s as the market absorbed roughly $3.45 billion in net withdrawals from U.S. spot Bitcoin ETFs over 11 straight trading sessions through late May, Strategy’s sale of 32 BTC for about $2.5 million to fund STRC preferred stock distributions, renewed Mt. Gox wallet activity, broader risk-off sentiment, and heavy derivatives liquidations that reached as high as $1.25 billion in some measurement windows. Sentiment shifted into Extreme Fear, with many traders targeting a move below $60,000 and some reviving bets on $50,000. At the same time, according to SEC Form 8-K filings, Strive bought 2,500 BTC for about $185.2 million at an average price of $74,092 between May 23 and June 1, raising its holdings to 19,000 BTC. The purchase was funded almost entirely through SATA preferred stock, underscoring that some corporate buyers continued accumulating Bitcoin even as crypto-linked equities and the broader market sold off.