# Outflows Related Articles

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Bitcoin Continues to Plunge, Focus on Whether MSTR Is Forced to Sell

Bitcoin is undergoing a severe stress test as its price falls below key psychological levels, approaching the cost basis of major institutional holders like MicroStrategy. The cryptocurrency dropped below $80,000 over the weekend, hitting its lowest point since April 7, 2025, and has declined over 30% recently amid thin liquidity. Despite the sell-off, MicroStrategy’s Executive Chairman Michael Saylor signaled intentions to continue accumulating Bitcoin, even as the company raised the dividend on its perpetual preferred shares to 11.25% to attract capital. However, analysts warn that high dividend costs could strain cash flow if Bitcoin’s price remains stagnant or falls below its cost basis. The market is highly institutionalized, with MicroStrategy and 11 spot Bitcoin ETFs holding approximately 10% of Bitcoin’s circulating supply. These institutions face combined unrealized losses of around $7 billion, with an average acquisition cost of $85,360 per Bitcoin. Spot Bitcoin ETFs have seen net outflows for 10 consecutive days, exacerbating downward pressure. MicroStrategy holds 712,647 Bitcoin at an average cost of $76,037. With Bitcoin hovering near $78,000, its unrealized gains have narrowed to less than 3%. The company’s aggressive financing strategies, including high-yield debt, highlight both its commitment and the risks of its Bitcoin-centric strategy. Macro strategist Jim Bianco notes that Bitcoin faces a "narrative exhaustion," as the "institutional adoption" story has been fully priced and may now be reversing. Without new sustained buying interest, institutional holdings—once a support—could become a major source of selling pressure. The key question is where the next wave of buyers will emerge at current price levels.

比推Yesterday 05:57

Bitcoin Continues to Plunge, Focus on Whether MSTR Is Forced to Sell

比推Yesterday 05:57

Bitcoin Continues to Plunge, Whether MSTR Is Forced to Sell Becomes Focus

Bitcoin is undergoing a severe stress test as its price continues to decline, falling below key psychological levels and approaching the cost basis of major institutional holders like MicroStrategy. The drop has intensified concerns over liquidity and potential forced selling. MicroStrategy’s Executive Chairman Michael Saylor signaled intentions to continue accumulating Bitcoin, even as the company raised the dividend on its perpetual preferred shares to attract capital. However, high financing costs could strain cash flow if Bitcoin remains near or below its breakeven level. Analyst Jim Bianco highlights that the market is facing a “narrative exhaustion.” Around 10% of Bitcoin’s circulating supply is held by ETFs and MicroStrategy, with an average entry price of approximately $85,360. These positions are now at a collective unrealized loss of roughly $8,000 per Bitcoin, totaling about $7 billion. Bitcoin ETFs have seen net outflows for 10 consecutive days, reflecting weakening demand from earlier high-entry investors. MicroStrategy, though still marginally profitable, faces thinning buffers. Its aggressive funding strategy—offering high-yield preferred shares—underscores both its commitment and financial vulnerability. The broader concern is the lack of new catalysts. The “institutional adoption” narrative has largely played out, and without fresh demand drivers, the current high concentration of underwater institutional holdings could turn into a source of persistent selling pressure.

华尔街日报Yesterday 00:20

Bitcoin Continues to Plunge, Whether MSTR Is Forced to Sell Becomes Focus

华尔街日报Yesterday 00:20

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