- Bitcoin fell for a fifth consecutive day — its longest losing streak since August — dropping as low as $61,322 on Thursday and closing in on the February market bottom at a four-month low.
- Nearly $4 billion in bullish bets have been liquidated since Monday, according to CoinGlass, while Bitcoin ETFs have recorded $4.4 billion in outflows over the past 13 sessions — a record-long streak.
- Strategy Inc. sold 32 Bitcoin this week — its first sale since 2022 — a tiny amount relative to its $53 billion reserve, but the move landed in a fragile market and dealt a significant blow to confidence.
- Bitcoin has now lost roughly half its value since hitting an all-time high above $126,000 last October, and the token is approaching the $60,000–$70,000 estimated mining cost floor — a key psychological support level.
What Happened?
Bitcoin extended its selloff into a fifth straight session Thursday, falling as low as $61,322 before partially recovering — marking both the longest daily losing streak since August and the lowest price in four months. The week has delivered a compounding sequence of bearish signals: Strategy Inc., by far the largest corporate Bitcoin holder with a $53 billion reserve, sold 32 tokens this week — its first sale since 2022. The amount was negligible in absolute terms, but coming in an already fragile market, it shattered the narrative of Strategy as an unconditional buyer. Bitcoin ETFs, a major demand driver since their 2024 launch, have now recorded $4.4 billion in outflows across 13 consecutive sessions — a record-long streak. Almost $4 billion in leveraged long positions have been liquidated since Monday.
Why It Matters?
Bitcoin is approaching a critical threshold: the estimated mining cost floor of $60,000–$70,000. “As Bitcoin falls below its estimated mining cost, the last obvious valuation anchor is disappearing,” said Ipek Ozkardeskaya of Swissquote. The February low is now in view, and a breach would raise questions about whether the Iran-war risk-off environment, ETF outflow pressure, and Strategy’s wobble have fundamentally changed market structure for this cycle. The token has already decoupled sharply from technology stocks, which hit records this week even as Bitcoin retreated — a reversal of the correlated rally that drove both asset classes to highs last fall. Ether also hit its lowest level since April 2025, trading around $1,780.
What’s Next?
All eyes are on Monday, when Strategy typically announces Bitcoin purchases. Standard Chartered’s Geoffrey Kendrick expects any follow-on buying to be “more aggressive” than the sale — potentially 100 times the tokens divested. If Strategy resumes large-scale accumulation, it could provide a sentiment floor. But structural headwinds remain: ETF outflows show no sign of reversing, leveraged longs have been largely flushed, and ongoing U.S.-Iran tensions continue to create macro uncertainty that weighs on risk assets. The mining cost floor at $60,000–$70,000 is the last major technical support before territory last seen in early 2026.
Source: Bloomberg
