Bitcoin (BTC) is under fresh pressure, slipping below $66,000 on Wednesday amid record ETF outflows and a symbolic sale by Strategy.
Over the past 12 sessions, investors have pulled nearly $4 billion from US-listed Bitcoin ETFs-the longest streak of consecutive outflows on record, according to Bloomberg.
Earlier this week, Michael Saylor's Strategy sold roughly $2.5 million worth of Bitcoin-just 32 tokens out of its 843,706-coin hoard. While analysts call the sale financially trivial, they warn it undermines the company's long-held "never sell" narrative and spooks a market already on edge.
Capital is rotating into AI stocks. Over the past 12 months, the Nasdaq 100 is up 42%, while Bitcoin has dropped 37% and sits 48% below its peak. Carney Mak of FXHB Asset Management says AI offers a more favorable risk-reward setup, encouraging rebalancing away from digital assets.
Bitcoin was trading near $65,721, down almost 2% on Wednesday, extending a 12% decline over the past seven days.