What to know:
- Bitcoin fell below $71,000, extending a weeklong slide as markets digested Strategy’s first disclosed bitcoin sale and broader risk assets paused near record highs.
- Strategy sold 32 bitcoins for $2.5 million to fund preferred stock distributions, a move seen as symbolically important even though it is small relative to the company’s overall holdings.
- With bitcoin ETF flows still negative and no clear bullish catalyst in sight, bitcoin is trading at its lowest level in weeks even as select tokens like Hyperliquid’s HYPE outperform.
Bitcoin’s price continued to fall Tuesday morning in Asia, dropping below $71,000. It’s down 3.4% over the last day and 7.5% for the week. This decline follows news of Strategy’s recent bitcoin sale, and comes as stock markets take a break after reaching record highs, and oil prices rise due to ongoing issues with U.S.-Iran ceasefire talks.
By Tuesday morning, Bitcoin (BTC) was trading around $70,830, fluctuating between $70,120 and $73,458 over the previous 24 hours, according to CoinDesk. Ethereum (ETH) was just under $2,000, at $1,996, while XRP remained steady at $0.10. Solana (SOL) decreased by 1.7% to $80.47, and XRP dropped 3% to $1.28.
Strategy (MSTR), the company that holds the most bitcoin among corporations, recently reported its first bitcoin sale in five years. In a regulatory filing on Monday, they revealed selling 32 bitcoins for $2.5 million – an average of $77,135 per coin – and will use the money to pay dividends to preferred stockholders.
CoinDesk reported on the sale in detail on Monday, explaining the financial details surrounding it and how it affected a $14 million Polymarket prediction market that was betting on whether the sale would happen in May or June.
Stocks dipped slightly from their record highs as investors took profits from the surge in AI-related stocks that has driven the market much of this year, according to Bloomberg.
Stocks in the Asia-Pacific region generally declined, with MSCI’s index falling 0.5%. South Korea’s Kospi saw a larger drop of 1.8%, despite having risen significantly by 105% so far this year. Futures for the Nasdaq 100 were down 0.7%, but Chinese tech company Tencent saw a gain of 7.5%.
Brent crude oil prices dipped slightly from Monday’s gains but remained around $94.40 a barrel due to ongoing tensions between the U.S. and Iran. Meanwhile, U.S. Treasury yields didn’t fall, as investors worried that rising energy prices could push the Federal Reserve to maintain higher interest rates. Iran announced it would stop communicating with Washington, according to the Tasnim news agency.
Despite recent drops in Bitcoin and Ether prices, Hyperliquid’s HYPE token stood out as a strong performer, increasing by 24.3% over the last week to reach $73.76.
Bitcoin has reached a multi-week low. Demand for ETFs isn’t increasing as expected, and reports indicate a significant seller in the market, meaning there’s currently no clear reason to anticipate a price increase soon.
Strategy sold bitcoin in late May, and told the market in June. Here’s how Polymarket bettors are fighting over when it counts.
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2026-06-02 08:14