Daily Market Update: Bitcoin Drops Below $70,000 as Strategy Sells BTC and Stock Futures Slip

TLDR

• Bitcoin fell over 3.8% in 24 hours, dropping below $70,000 to its lowest level in weeks
• Strategy sold 32 bitcoins for $2.5 million to fund preferred stock distributions — its first disclosed BTC sale in five years
• Bitcoin ETF flows remain negative with no clear near-term catalyst for recovery
• US stock futures slipped 0.2–0.3% as US-Iran tensions clouded AI-driven optimism
• Hyperliquid’s HYPE bucked the crypto trend, gaining 24.3% over seven days

Bitcoin dropped below $70,000 on Tuesday, falling more than 3.8% in 24 hours to a low of $69,648.

The move extends a weeklong slide that accelerated after Strategy filed an 8-K on Monday disclosing its first publicized bitcoin sale in five years.

Strategy, the largest corporate holder of bitcoin, sold 32 coins for $2.5 million at an average price of $77,135. The proceeds were earmarked to fund preferred stock distributions.

While the sale is small relative to Strategy’s total holdings, it carried symbolic weight for the market.

Other major cryptocurrencies also fell. Ether dropped to just below $2,000, XRP fell 2.75% to $1.26, and Solana slipped 1.17% to $79.66. Dogecoin sat flat at around $0.10.

Bitcoin ETF flows remain negative, and with Strategy now disclosed as a seller, there is no clear short-term catalyst pointing to a recovery.

The one outlier was Hyperliquid’s HYPE, which gained 24.3% over the past seven days to $73.76, bucking the broader crypto selloff.

Stock Futures Pull Back as Iran Tensions Offset AI Gains

US stock futures edged lower on Tuesday. Futures tied to the Dow Jones and S&P 500 each fell 0.2%, while Nasdaq 100 futures dropped 0.3%.

Investors were weighing uncertainty around US-Iran negotiations. Iran said it would halt message exchanges with Washington, which pushed oil prices higher. Brent crude held around $94.40 a barrel.

Higher energy prices raise concerns that the Federal Reserve may be forced to keep interest rates elevated for longer. That weighed on Treasury markets from the prior session.

After the closing bell Monday, Alphabet said it plans to raise $80 billion for AI infrastructure, though its stock edged lower on the news.

Hewlett Packard Enterprise was a bright spot, with its stock jumping more than 20% after reporting a record quarter driven by AI data center growth.

During Monday’s session, stocks briefly hit records after President Trump said Israel and Hezbollah had agreed to stop attacks, and confirmed Iran talks were continuing.

Asian markets pulled back on Tuesday. South Korea’s Kospi fell 1.8% after a 105% year-to-date run, and the MSCI Asia-Pacific index slipped 0.5%.

Chinese tech was an exception, with Tencent jumping 7.5%.

On Tuesday, investors will receive the JOLTS report on job openings, the first in a series of employment data releases this week ahead of the May jobs report on Friday.

Earnings continue with Palo Alto Networks, Dollar General, Ulta Beauty, and Victoria’s Secret all scheduled to report Tuesday.

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