Bitcoin getting slammed from three sides — Mt. Gox selling, ETF exodus, and corporate dump
Three red flags are hitting Bitcoin at once: the collapsed exchange Mt. Gox just moved $739 million of Bitcoin (often a sign of upcoming selling), Bitcoin ETFs have been bleeding money for 11 straight days, and a major corporate holder just sold some of its stash. Bitcoin has dropped below $71,000.
Idea
Bitcoin is facing a rare triple threat of selling pressure. Mt. Gox moving $739 million out of cold storage typically signals imminent creditor distributions, which means new supply hitting the market. At the same time, Bitcoin ETFs have seen 11 consecutive days of outflows totaling $3.4 billion — investors are rotating out of crypto and into AI stocks. On top of that, Strategy's disclosed Bitcoin sale adds another layer of corporate selling. When institutional demand dries up and large new supply is incoming, prices tend to drift lower for weeks, not hours.