[Bitcoin Now] Drops to Lowest Level Since Iran War

The price of Bitcoin has dropped to its lowest level since the Iran war. It is analyzed that the sale of Bitcoin by Strategy, instability in the Middle East, and outflows from spot Bitcoin exchange-traded funds (ETFs) have pressured investor sentiment.

According to Investing.com, as of 2:34 p.m. on June 4, the price of Bitcoin stood at $64,092.8, down 4.79% compared to the same time the previous day. On this day, Bitcoin fell as low as $61,000 before slightly recovering some of its losses.

This is the same level as during the outbreak of the Iran war. In February, the price of Bitcoin also dropped to $60,000. One of the reasons cited for the recent decline is the sale of Bitcoin by Strategy. Recently, Strategy sold 32 Bitcoins for about $2.5 million to secure funds for dividend payments.

This is the first time in about three years since 2022 that Strategy has sold Bitcoin. Michael Saylor, Chairman of Strategy, had long emphasized through social media that Bitcoin should never be sold, which is why the market interpreted the move as a negative signal.

Josh Du, Chief Investment Officer (CIO) of Animoca Brands, told Bloomberg, "Strategy's decision to break its 'never sell' promise has shaken market confidence," adding, "As a result, Bitcoin prices are falling this week." He continued, "Amid tightening macroeconomic conditions, oil prices are also rising. There is a real risk that the $62,000 support line, which has held since the Iran war, could be broken."

Additionally, continued selling pressure from spot Bitcoin ETFs is also believed to have played a role. According to Bloomberg, investors have withdrawn about $4 billion from U.S.-listed Bitcoin ETFs over the past 12 trading days, marking the longest streak of consecutive net outflows on record.

This content was produced with the assistance of AI translation services.