bitcoin

Since this week, Bitcoin has experienced a wave of panic selling under the shadow of Strategy's coin selling and the diversion of AI funds, dropping over 10% from a peak of $74,000, and has now fallen back to the low range for this year.It is worth noting that during this period, the open interest in Bitcoin's coin-denominated contracts has risen against the trend, currently reported at 784,400 coins, close to a historical high. In response to this phenomenon, the well-known trader Killa, who predicted the peak of this bull market in May 2025, stated that this often indicates a key top or bottom, warranting high attention.

According to BIT analysis, a significant feature of Bitcoin over the past four years is that most of the price increases are concentrated in a short period of rapid growth, followed by a prolonged period of sideways consolidation. The pullback phase also shows a similar pattern, where the price usually drops quickly at first, releasing most of the downward pressure in one go, and then gradually stabilizes.This round of pullback is mainly influenced by two factors: first, the U.S. April CPI announced in May was higher than expected; second, there are concerns in the market about Strategy selling Bitcoin and the subsequent potential selling pressure. As a result, the spot Bitcoin ETF quickly shifted from net buying to significant net selling, with a cumulative net sell of about $1.5 billion this year, creating noticeable pressure on the market.Currently, Bitcoin is still under pullback pressure, with $63,445 being a key support level to watch. Whether this level can hold will affect the market's judgment on the depth of this adjustment: if the price stabilizes near this area, this pullback will still be considered a phase adjustment; if it effectively breaks below, it may enter a deeper adjustment and consolidation.

According to Shandong Legal News, a Bitcoin theft case prosecuted by the Li Cang District Prosecutor's Office in Qingdao has been sentenced. The defendant, Zhang, was sentenced to 10 years and 9 months in prison for theft and fined 100,000 yuan.In the early hours of a certain day in 2024, the virtual currency wallet of the victim, Feng, was quietly accessed, and 107 Bitcoins were transferred, equivalent to over 22.54 million yuan at the market price on that day. It was found that Feng had entrusted an acquaintance, Zhang, to assist with the operation. During the process of registering the wallet on behalf of Feng, Zhang obtained the mnemonic phrase, and after multiple attempts in the early morning, he cracked the wallet and transferred the Bitcoins. After being apprehended, Zhang claimed that his actions were a "protective takeover" to prevent the Bitcoins from being stolen by others. The prosecution traced the funds and found that the stolen Bitcoins were transferred multiple times and exchanged for over 660,000 yuan, exposing his lies.The prosecution determined that Bitcoin has economic value and exclusive control, meeting the core characteristics of "property" in criminal law, and can be the object of theft. The actual proceeds from the sale of the stolen Bitcoins, amounting to over 660,000 yuan, were used as the basis for the theft amount. After the defendant appealed, in November 2025, the Qingdao Intermediate People's Court ruled to dismiss the appeal and upheld the original sentence. This case is a typical example of Qingdao's legal punishment of crimes in the virtual currency field, clearly conveying the judicial stance: activities related to virtual currency must be conducted within the legal framework, and stealing others' virtual property also constitutes a crime.

According to FinanceFeeds, Tether-supported large agricultural company Adecoagro plans to launch a Bitcoin mining operation powered by electricity generated from sugarcane processing in Brazil, with an initial capacity of 10 megawatts, approximately 1,280 mining machines, expected to start around July 1, 2026. Adecoagro's business encompasses sugar, ethanol, rice, dairy products, and renewable energy, and Tether previously acquired a majority stake in the company.The mining project will utilize electricity generated from sugarcane residue (bagasse), and the company has over 230 megawatts of renewable energy generation capacity in South America. Brazil is one of the world's largest sugarcane producers, with a mature ethanol and bioenergy industry. If the pilot is successful, other agricultural and renewable energy producers may view mining as a flexible demand source for surplus electricity.

Famous trader and chart analyst Peter Brandt, who successfully predicted the Bitcoin crash in 2018, stated yesterday that Bitcoin is currently forming an expanding triangle pattern, which is relatively common and usually reliable in Bitcoin's history, with a target based on projecting the height of the pattern from the breakout point.According to the measurement rules for the expanding triangle: Target = height of the pattern projected downward from the breakout point. The attached diagram shows a widening triangle (with the upper and lower bounds gradually diverging). The breakout point is roughly around $74,000 (marked as 74,395 in the diagram), and after projecting the height of the pattern (from the highest point to the lowest point of the widest part of the triangle), the arrow points to the area around $56,000.

According to analyst Adler's latest post, the Bitcoin Impulse indicator, which reflects Bitcoin price momentum, has dropped to -59, indicating that market momentum has quickly turned negative; meanwhile, the 30-day Net Taker Volume Position Change indicator, which measures changes in active buying and selling power, has also fallen below the zero axis for the first time in nearly three months, suggesting that the active buying demand that drove the previous upward trend has basically been exhausted.Momentum indicators typically lead changes in capital flow. Currently, both the fast and slow momentum indicators are in deep negative territory, with the fast momentum close to -90 and the slow momentum quickly dropping to -59 after falling below the zero axis at the end of May. On the other hand, although the 30-day active buying demand indicator has just turned negative, it has not yet entered the "bear market zone."Adler believes that the current market is transitioning from a "buyer-dominated" phase to a "seller-dominated" phase, with an overall risk-off state. If active buying demand further declines and enters the bear market zone, while momentum continues to remain negative, it will further confirm the market's bearish trend; conversely, if active buying returns above the zero axis, it may provide an opportunity for market rebound.

According to CoinDesk, the Bitcoin Fear Index BVIV surged nearly 20% on Tuesday, marking the largest single-day increase since February 5. BVIV measures the 30-day implied volatility of Bitcoin, and this surge to 46.45% indicates that panic has re-emerged in the market after two months of calm.For the past two months, the sentiment in the Bitcoin market has remained calm, even as it fell from a May high of $82,000 to $75,000 last week, with BVIV hovering around 40%, the lowest point of the year, indicating that the decline at that time was orderly selling rather than panic. However, on Tuesday, the spot price of Bitcoin dropped over 6% to $66,000, causing BVIV to spike sharply. The index's trend increasingly resembles Wall Street's VIX Fear Index, showing an inverse correlation with the spot price of Bitcoin. Whether Tuesday's significant surge is just a one-day fluctuation or the beginning of a sustained volatility cycle remains to be seen.

According to CNBC, Bitcoin fell to its lowest level since February on Wednesday, hitting a low of $65,385, a decrease of 2.3%. Funds are flowing from the crypto market to other asset classes. QCP stated that the fundamental issue is liquidity rotation. The stock market continues to outperform, attracting the attention of both crypto-native investors and traditional asset managers to a stronger stock narrative, and investors may be shifting funds from Bitcoin to private markets or IPO projects like SpaceX, OpenAI, and Anthropic.BTIG technical strategist Jonathan Krinsky believes that Bitcoin needs to hold around $65,000, which is the last support before testing the year-to-date low of $60,000. QCP expects initial support in the range of $63,000 to $64,000, and if it breaks below, attention will turn to $62,000, followed by the psychological level of $60,000, with the next major support level at $58,000.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $519 million. The Bitcoin spot ETF with the highest net inflow in a single day is the Morgan Stanley ETF MSBT, with a single-day net inflow of $14.7654 million. Currently, the historical total net inflow of MSBT has reached $254 million.The Bitcoin spot ETF with the highest net outflow in a single day is the Blackrock ETF IBIT, with a single-day net outflow of $389 million. Currently, the historical total net inflow of IBIT has reached $62.978 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $84.997 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.28%. The historical cumulative net inflow has reached $54.66 billion.

According to monitoring by Catcher Predict, in the "Bitcoin June 2 Price Prediction" event on the prediction market Polymarket, the "Yes" option for the sub-market "66,000 USD" experienced a dramatic fluctuation in winning probability, soaring from 8.35% an hour ago to the current 71.5% (a fluctuation of 63.15%). Please note the impact of related breaking news.

According to monitoring by Catcher Predict, in the event of "Bitcoin breaking through on June 3" in the prediction market Polymarket, the probability of the "yes" option in the sub-market "66,000" has experienced significant fluctuations, dropping from 69.65% an hour ago to the current 54.2% (a fluctuation of 15.45%). Please note the impact of related breaking news.

According to Lookonchain statistics, as the cryptocurrency market continues to decline, the unrealized loss of Bitmine, an Ethereum reserve company supported by Tom Lee, has exceeded the unrealized loss of Strategy's Bitcoin holdings.Data shows that Bitmine currently holds 5,416,901 ETH, valued at approximately $10.03 billion at current market prices, resulting in an unrealized loss of about $8.9 billion compared to the purchase cost.Meanwhile, Strategy, led by Michael Saylor, holds 843,706 BTC, with a current market value of approximately $56.26 billion, resulting in an unrealized loss of about $7.6 billion.

Santiment released data on social media stating that Bitcoin has dropped 13% in the past week, primarily attributed to the selling behavior of key stakeholders. Bitcoin whales and sharks (addresses holding 10 to 10,000 BTC) sold 24,602 Bitcoins in the past week (a reduction of 18%). Bitcoin small traders (addresses holding less than 0.01 BTC) increased their holdings by 61 Bitcoins in the past week (an increase of 12%).

According to BBX data, yesterday, publicly listed companies in multiple countries globally intensively disclosed their latest strategies regarding the expansion of Bitcoin treasury, stock buybacks, and the authorization of super debt financing tools. The core dynamics are as follows:Strive, Inc. (NASDAQ: $STRE) CEO Matt Cole officially disclosed yesterday that the company has invested approximately $185.2 million to increase its holdings by 2,500 BTC (average purchase price of about $74,092). As a result, Strive's total Bitcoin holdings have reached 19,000 BTC, with a year-to-date (YTD) return of 36.7% and an expansion rate of 57.0%. At the same time, the company has proactively increased its cash reserves to ensure the stable distribution of dividends over the next 18 months.European Bitcoin treasury company Capital B (Euronext Growth Paris: $ALCPB) officially announced that it has opened online voting for the shareholders' meeting until June 17. The board is seeking shareholder authorization to establish a capital increase limit of up to €5 billion and a debt instrument issuance limit of up to €100 billion, aiming to accelerate its Bitcoin treasury strategy and enhance the Bitcoin value per share.Hyperscale Data, Inc. (NYSE: $GPUS) officially announced that as of May 31, 2026, the company holds a total of 704.3405 BTC (with a total value of approximately $51.8 million based on the price of $73,579 on that day). The company also confirmed that it did not execute any Bitcoin purchases in the open market last week, with the increase in holdings mainly coming from the regular mining output of its AI data center.Brazilian listed Bitcoin treasury company OranjeBTC (B3: $OBTC3) announced an increase of 20 BTC in the secondary market (average price of about $75,346), raising its total holdings to 3,762 BTC. Meanwhile, the company repurchased 289,100 shares of OBTC3 during the period, further enhancing the Bitcoin exposure per share through a dual reduction of circulating shares.

Galaxy Research monitored that a physical Casascius Bitcoin minted between 2011 and 2013 (denomination of 25 BTC, approximately 1.78 million USD) had its private key extracted and completed an on-chain withdrawal.It is reported that Casascius Coin is an early physical collectible of Bitcoin, which contains real BTC private keys sealed inside. Holders can extract the assets after peeling off the anti-counterfeiting hologram sticker. This series was discontinued in 2013, and there are still tens of thousands of BTC sealed in unopened Casascius physical coins.

According to IOL, the High Court of Gauteng Province in South Africa ruled that Bitcoin falls under "capital" and "currency" within the South African foreign exchange control system, and ordered the confiscation of nearly 6 million rand worth of Bitcoin assets. The court determined that a trader transferred nearly 1,680 Bitcoins to a wallet accessible only through an overseas registered cryptocurrency exchange via their Luno account between January 2018 and March 2020, which amounted to exporting capital abroad without approval from the Treasury, violating foreign exchange control regulations.Meanwhile, the South African Treasury released a draft consultation on capital flow management for 2026 last month, aimed at modernizing the management of cross-border capital flows by reducing pre-approval for transactions, strengthening reporting, and monitoring high-impact, high-risk cross-border transactions.

According to CoinDesk, Bittensor co-founder Ala Shaabana stated at the Proof of Talk summit in Paris that Bitcoin's computing power exceeds that of the top 100 supercomputers in the world combined by 600,000 times, demonstrating the scale of distributed computing.Shaabana pointed out that true computing power no longer belongs to isolated corporate data centers, but to open, global networks. Shaabana believes that through programmatic goal setting, open networks attract talent and computing power far more efficiently than traditional enterprises. The long-term bullish logic is no longer primarily based on technology, but driven by debt, liquidity, and a decline in trust in traditional sovereign systems.

According to CoinDesk, K33 Research's research director Vetle Lunde stated that as funds chase AI stocks, Bitcoin faces a "volatile summer." The weakness in Bitcoin reflects a decrease in institutional demand, significant outflows from ETFs, and increasing fragility in the derivatives market. The market generally believes that the opportunity cost of holding Bitcoin is too high against the backdrop of soaring AI-related assets. There are clear signs of capital diversion. Bitcoin has failed to reclaim the 200-day moving average, while the Nasdaq and S&P 500 continue to set new highs.Investors are also paying attention to potential IPOs from companies like SpaceX and Anthropic, further diverting funds from the crypto market. Over the past three weeks, spot Bitcoin ETFs have reduced their holdings by 62,794 BTC, marking the second-largest consecutive outflow on record. K33 previously believed that Bitcoin's drop to around $60,000 in February could be the largest pullback of this cycle, but now warns that leveraged long positions are accumulating in a weakening market, posing potential selling pressure. Lunde stated that external capital is unwilling to enter, and existing holders are reducing their exposure, suggesting that the market may face a volatile summer.

According to monitoring by Catcher Predict, in the event of "Bitcoin breaking through on June 3" in the prediction market Polymarket, the probability of the "Yes" option in the sub-market "68,000" has experienced severe fluctuations, plummeting from 39.55% an hour ago to the current 22.35% (a fluctuation of 17.2%). Please note the impact of related breaking news.