Bitcoin dips to $62k as ETF outflows continue; Strategy buys the dip

Bitcoin edged lower on Tuesday as institutional investors continued to sell spot Bitcoin exchange-traded funds, albeit at a slightly slower pace than seen in prior weeks. 

Bitcoin slid 2.5% to $62,261.4 by 09:39 ET (13:39 GMT). The world’s largest crypto steadied this week after tumbling over 17% last week, amid a broad and extended rout in the sector.

Meanwhile, broader risk assets saw some relief after Israel and Iran agreed to halt strikes on each other following a demand from U.S. President Donald Trump.

Strategy buys $100 million in Bitcoin after last week’s sale

Top corporate Bitcoin holder Strategy Inc (NASDAQ:MSTR) on Monday disclosed it had purchased 1,550 Bitcoin for a total of $101 million, bringing its total stockpile to 845,256 coins.

The purchase was much bigger than Strategy’s sale of 32 Bitcoin on June 1, and was in line with chairman Michael Saylor’s promises of buying up a greater amount of Bitcoin than the company would sell. 

But Strategy still faces heightened debt and equity obligations for the capital raised to fund its massive Bitcoin purchases– a trend that could invite more sales in the future. The company had sold 32 Bitcoin last week largely to fund dividend payments on some preferred stocks. 

Strategy’s sale last week was among the many sell signals for Bitcoin, given that it marked the company’s first sale of its holdings since late-2022. 

Bitcoin ETF outflows continue but at slower pace

Institutional investors extended their selling of Bitcoin ETFs this week, albeit at a slower pace than seen in the past three weeks.

Investors pulled out $91.4 million from spot ETFs on Monday, a much smaller outflow than the $325.7 million seen on Friday. 

Bitcoin ETFs were still nursing three straight weeks of outflows, and lost a whopping $1.7 billion last week– their worst outflow since February 2025. 

A storm of factors soured sentiment towards crypto, including risk aversion due to the Gulf war, concerns over rising interest rates, and shifting investor interest towards artificial intelligence stocks.