Bitcoin price is testing its weakest levels since early April as ETF outflows, spot selling and Strategy’s BTC▲$64,054.00 sale pressure the market.
Bitcoin is heading into the summer with less room for error after a weak turn in June put traders back on watch for the $69,000 area.
Data from Bitcoin Foundation’s price tracking page shows Bitcoin trades around $70,110, down around 4% on the day, putting the largest crypto by market cap close to the $69,000 area last seen in early April.
The slide comes shortly after Strategy, the largest publicly traded holder of Bitcoin, sold 32 BTC between May 26 and May 31 for about $2.5 million to help fund dividends on STRC, its perpetual preferred stock known as Stretch.
While the sale was small, accounting for about 0.004% of Strategy’s holdings, it carried symbolic weight as Strategy founder Michael Saylor had long been associated with a buy-and-hold Bitcoin strategy.
Strategy shares fell about 6% after the disclosure and recently traded near $150, per Yahoo Finance data.
Bitcoin Selling Pressure Builds
Glassnode, a blockchain analytics firm, said in a market update Bitcoin is now under pressure across several market layers, with spot selling, exchange-traded fund outflows and weak capital inflows all weighing on price.
The analysts noted that even though on-chain activity remains busy, with transfer volume up 31% to $4.6 billion and fee revenue up 17%, that activity doesn’t show new demand.
“Active addresses are flat at ~607K. The machine is running, but nobody’s refuelling it.” the analysts said, referring to a 57% collapse in monthly realized cap change to near zero.
Spot data also weakened, with Glassnode saying buyers stepped back and rising volume was used for selling rather than accumulation.
ETF pressure has widened, with global crypto ETPs losing over $1.6 billion in the week through May 29, the second-largest weekly outflow of 2026.
As Bitcoin Foundation reported earlier, total outflows over the past three weeks have topped $4.21 billion, while U.S. spot Bitcoin ETFs lost $1.42 billion for the week and nearly $3 billion over 10 days.
