TLDR
- Bitcoin dropped 14% in seven days, reaching levels last seen in February.
- U.S. spot Bitcoin ETFs recorded 13 straight days of outflows totaling $3.45 billion.
- Strategy sold 32 Bitcoin for $2.5 million, marking its first net reduction in years.
- The sale funded dividends tied to STRC preferred shares with an 11.5% rate.
- Standard Chartered said Bitcoin’s market bottom is “almost in” despite the decline.
Bitcoin fell 14% over seven days as selling pressure increased across crypto markets. Prices dropped to levels last seen in February after multiple bearish triggers. However, Standard Chartered said the current zone may represent a market floor.
Bitcoin Sell-off Deepens on ETF Outflows and Strategy Move
Bitcoin traded near $63,739 after falling from a recent high of $67,416.50. It also touched a session low near $61,463 during the same period. The decline followed sustained outflows from U.S. spot Bitcoin ETFs. Data showed a 13-day streak of withdrawals totaling about $3.45 billion.
The week ending May 29 recorded $1.42 billion in outflows. This figure ranked among the largest weekly withdrawals since ETF launch. For May, cumulative ETF outflows reached $2.30 billion. This marked the weakest monthly flow performance recorded in 2026.
At the same time, Strategy disclosed a sale of 32 Bitcoin. The firm generated roughly $2.5 million at an average price of $77,135. This sale marked its first net reduction in years. The company used proceeds to fund dividends on STRC preferred shares.
The shares carry an annual variable dividend rate of 11.5%. Following the filing, Bitcoin dropped below $72,000. Strategy stock declined about 6% after the disclosure. STRC shares also traded near $94 during the reaction.
Standard Chartered Outlines Signals Pointing to a Bitcoin Floor
Standard Chartered’s Geoff Kendrick said the market may be near its bottom. He told clients that “the low is almost in.” He added that future hindsight could frame current prices as an entry zone. He stated Bitcoin could reach $100,000 by late 2026.
Kendrick referenced Strategy’s past behavior as a key signal. In 2022, the firm sold Bitcoin and repurchased it within days. He expects a similar pattern to repeat soon. He suggested a potential buyback could reach up to 100 times recent sales.
A confirmed purchase could appear as early as next week. Kendrick said such action would signal a possible market floor. He also pointed to ETF holdings remaining relatively stable. Total net inflows since launch stand near $54.2 billion.
ETF-held Bitcoin currently totals about 674,000 BTC. This figure remains close to earlier yearly levels. Kendrick said this stability shows stronger structural demand than expected. He stated ETF resilience supports his outlook.
Liquidation Pressure Eases as Market Structure Stabilizes
Bitcoin futures liquidations reached about $1.5 billion during the sell-off. This level aligned with liquidation events seen earlier in the year.
Kendrick noted that leverage levels now appear lower than before. This reduces the risk of forced selling across exchanges. He added that Bitcoin has underperformed equities through 2026. This trend has already removed excess speculative positioning.
Lower leverage suggests fewer cascading liquidations ahead. As a result, downside pressure may weaken in the coming sessions. Kendrick maintained that structural indicators now differ from earlier downturns. He said current conditions support a potential stabilization phase.
