Bitcoin has slumped by 14 percent over the past week, returning to levels last seen in February. The heightened selling pressure drove the BTC price down from a recent peak of $67,416.50 to as low as $61,463 during trading. In addition to consecutive outflows from US spot Bitcoin ETFs, a significant Bitcoin sale by Strategy has played a key role in this downward move.
ETF outflows and Strategy sale fuel decline
At the time of writing, Bitcoin was trading around $63,739. US-listed spot Bitcoin ETFs have now faced 13 straight days of outflows, totaling $3.45 billion. In the week ending May 29 alone, net outflows reached $1.42 billion. Throughout May, ETFs saw $2.3 billion leave their coffers, marking the weakest monthly showing in 2026 so far.
During this same period, Strategy announced the sale of 32 Bitcoins, earning about $2.5 million at an average price of $77,135 per token. This move stands out as the company’s first net reduction in its Bitcoin holdings after years of accumulation. The proceeds, according to Strategy, were allocated for dividend payments linked to its STRC preferred shares.
Formerly known as MicroStrategy, Strategy is a US-based company internationally recognized for holding substantial Bitcoin reserves. Its STRC shares offer an annualized dividend yield of 11.5 percent. In the wake of the announcement, the Bitcoin price dropped below $72,000, Strategy’s regular shares declined by nearly 6 percent, and STRC traded near $94.
Standard Chartered points to potential bottom
Standard Chartered analyst Geoff Kendrick suggested the current price range might be close to a market bottom. The London-based global bank shared a note in which Kendrick stated that the bottom is “nearly formed,” and today’s prices could be seen— in hindsight —as a buying opportunity.
According to Standard Chartered’s Geoff Kendrick, the bottom in the BTC market has likely been established, and these levels could, looking back, represent attractive entry points.
Kendrick also highlighted previous actions by Strategy as an important signal. In 2022, the company made a Bitcoin sale, only to repurchase shortly afterward. The analyst indicated that a similar cycle could unfold now, potentially seeing Strategy buy back up to 100 times the number of coins it just sold, and even as soon as next week.
Kendrick emphasized that any new Bitcoin purchase by Strategy could serve as a powerful indication the market has bottomed out.
Structural indicators and liquidation trends monitored
Kendrick added that the long-term outlook for ETFs is not entirely compromised by these short-term outflows. Since launch, net cumulative inflows to Bitcoin ETFs remain around $54.2 billion. ETF-held Bitcoin supplies are close to 674,000 BTC, which is broadly consistent with earlier-year levels. This resilience hints that investor demand may still be stronger than some expect.
As Bitcoin’s price declined, futures markets experienced some $1.5 billion in liquidations. But leverage levels, Kendrick noted, are lower compared to previous episodes, lessening the risk of forced sell-offs across exchanges. The analyst observed that BTC’s underperformance relative to equities so far in 2026 has already reduced the share of speculative positions.
Lower leverage suggests that the risk of a chain-reaction of liquidations may remain limited in coming sessions. Kendrick also observed that current market structures differ from previous sharp downturns, supporting the idea that markets could be stabilizing. Standard Chartered reiterated its forecast that Bitcoin could still reach $100,000 by the end of 2026.
