Bitcoin bloodbath continued this week as token prices fell to as low as $59,280 during midday trading on Wednesday amid reports that over $3.5 billion worth of BTC wallet outflows were recorded in on-chain activity across major exchanges and cryptocurrency funds.
Arkham data reported by X user Qmo revealed that BlackRock moved 2,922 bitcoins worth $182.6 million to Coinbase Prime for custody purposes. Meanwhile, data revealed outflows of 32,715 Bitcoins on Coinbase, 8,046 BTCs on Kraken, 7,381 BTC on Binance, and 6,108 BTC on the OKX exchange. Surprisingly, these trades happened within two hours, raising concerns about a coordinated dump.
🚨 BREAKING
— Qmo (@QmoCrypto) June 24, 2026
HERE IS THE EXACT REASON $BTC IS DUMPING RIGHT NOW:
COINBASE SOLD 32,715 BTC
KRAKEN SOLD 8,046 BTC
BINANCE SOLD 7,381 BTC
BLACKROCK SOLD 2,922 BTC
OKX SOLD 6,108 BTC
$6,400,000,000 DUMPED IN THE LAST 2 HOURS...
THIS IS NOT A COINCIDENCE - THIS IS A COORDINATED… pic.twitter.com/cXhWGxbwns
The movement of 57,172 Bitcoins worth $3.5 billion across wallets in a short span could have driven the ongoing volatility.
Elsewhere, the selloff in the tech and AI sector also dragged down cryptocurrencies, related stocks, and other risk assets. As investors likely engaged in profit-taking activity due to overstretched AI valuations, stocks like Strategy and Coinbase Global fell sharply by 9.3% and 5.1%, respectively.
Shares of Microsoft also fell 2.2% while Palantir Technologies and Oracle dropped by 2.7% and 4.6%, respectively. Lately, bitcoin trends appear to be sharing a correlation with the stock market, especially tech companies.
Top 3 Headwinds Weighing on Bitcoin Prices
Meanwhile, concerns over raging inflation continue to delay hopes for interest rate cuts by the US Federal Reserve, thus hampering appetite for high-risk assets. In simple terms, higher rates could keep assets like Bitcoin under pressure.
Bitcoin exchange-traded fund (ETF) outflows also added to the selling pressure, while Strategy's Michael Saylor offloaded 32 BTCs while ramping USD reserve was likely viewed as a deviation from the company's long-term thesis and Saylor's pledge to Bitcoin every quarter and never sell.
Lastly, the Clarity Act or the crypto market structure bill was supposed to be a major catalyst for the industry, but hopes are fading as lawmakers maintain diverging views on key provisions of the proposed bill, with no near-term outlook for a regulatory breakthrough.
Schiff Accuses Saylor of Endangering Retirees with STRC Ponzi Scheme
Economist Peter Schiff said in an X post yesterday that Saylor allegedly promoted the STRC preferred stock to risk-averse retirees as a steady, low-risk income instrument.
Saylor promoted $STRC to risk-averse retirees by assuring them that all the volatility had been stripped out. STRC is down over 5% today, more than 17% below what many retirees paid last month. Almost two years of dividends gone. @Saylor clearly made material misrepresentations.
— Peter Schiff (@PeterSchiff) June 24, 2026
Strategy finances BTC purchases via preferred shares such as STRC, which converts Bitcoin's expected growth into a perpetual capital base for additional crypto accumulation.
Note that the STRC preferred stock pays a variable monthly dividend of 11.5% on an annualised basis. However, Schiff highlighted in a separate X post: 'So far, the low on $STRC is $80. That's a 20% drop in an investment @Saylor promoted as safe, with near-zero volatility. At that price, the current yield for new buyers is 14.4%. Clearly, investors don't believe the dividend is sustainable and expect it to be reduced or suspended.'
Earlier this month, Schiff had noted that the correction in tech stock had begun, which is bad news for Bitcoin as the tech rally was its main support.
It looks like the correction in tech stocks has finally begun. That's bad news for Bitcoin, as the tech rally was its main support. As tech stocks sell off, Bitcoin should crash. Gold will likely head in the opposite direction, as investors rush to buy a true safe-haven asset.
— Peter Schiff (@PeterSchiff) June 4, 2026
'As tech stocks sell off, Bitcoin should crash. Gold will likely head in the opposite direction, as investors rush to buy a true safe-haven asset,' Schiff had noted in a 4th June post on X.
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