Bitcoin slid beneath the $70,000 mark on Tuesday, reaching its lowest level in nearly two months as investors reacted to news that Michael Saylor’s company, Strategy, had sold a portion of its bitcoin holdings.
The decline marked the first time the world’s largest cryptocurrency traded below $70,000 since April 8, adding fresh pressure to a market already dealing with recent volatility. While bitcoin weakened sharply, several other major digital assets showed little reaction in early trading.
Bitcoin Drops To Multi-Week Low
Bitcoin briefly fell to $69,690 during early Tuesday trading, representing a decline of more than 3.8% from the previous day. Although the cryptocurrency later recovered some of those losses, the move pushed it below a key psychological level that traders closely monitor.
The latest downturn also extended bitcoin’s weekly losses. Over the past seven days, the cryptocurrency has dropped more than 8.4%, reflecting a broader pullback after a strong run earlier this year.
Despite the selloff in bitcoin, other leading cryptocurrencies remained relatively stable. Ether traded near $1,981, while Binance’s BNB hovered around $681 and XRP held near $1.26.
Strategy Reveals Rare Bitcoin Sale
A major catalyst behind the market reaction appears to be Strategy’s latest disclosure to regulators.
In a filing submitted to the Securities and Exchange Commission on Monday, the company, formerly known as MicroStrategy, reported that it sold 32 bitcoins during the final week of May. The transaction generated approximately $2.5 million, which the company said would be used to pay dividends to shareholders.
The average selling price was about $77,135 per bitcoin.
Investors responded negatively to the news, sending Strategy shares down 5.85% on Monday. The move attracted attention because Strategy has become synonymous with long-term bitcoin accumulation and rarely sells any of its holdings.
In fact, this marks only the second time the company has reduced its bitcoin position. The previous sale occurred in December 2022.
Strategy Remains Bitcoin’s Largest Institutional Holder
Even after the recent sale, Strategy maintains an enormous bitcoin reserve.
The company still owns 843,706 bitcoins acquired at an average purchase price of $75,699 per coin. That position continues to make Strategy the largest institutional holder of bitcoin in the world.
Its massive treasury strategy has helped turn the company into one of the most closely watched players in the cryptocurrency sector, with investors often viewing its actions as a signal of broader market sentiment.
Michael Saylor’s Wealth Takes A Hit
The decline in Strategy’s share price also affected the personal fortune of its founder and executive chairman, Michael Saylor.
According to estimates from Forbes’ Real-Time Billionaires rankings, Saylor’s net worth stands at approximately $4.5 billion, placing him among the world’s wealthiest individuals.
However, Monday’s drop in Strategy stock erased roughly $183 million from his fortune in a single day, highlighting how closely his wealth remains tied to both the company and the cryptocurrency market.
What Investors Are Watching Next
The market’s attention is now shifting toward whether bitcoin can regain momentum above the $70,000 threshold or if further selling pressure lies ahead.
While Strategy’s sale represented only a tiny fraction of its overall holdings, the move was enough to raise questions among traders because the company has spent years promoting an aggressive buy-and-hold bitcoin strategy. For now, investors will be watching both bitcoin’s price action and any future signals from major institutional holders.
