Bitcoin drops toward $69K as record $3.4B ETF selloff spooks the market

Two converging forces hit Bitcoin today. First, ETF data showed a record $3.4 billion leaving Bitcoin funds in a single session — the largest single-day outflow since spot Bitcoin ETFs launched in the US. When institutional money exits at that scale, it creates direct selling pressure on BTC's price. Second, reports that Michael Saylor — the MicroStrategy founder whose company holds more Bitcoin than any other public firm — had sold a portion of his holdings rattled confidence further. Saylor has been one of the most visible long-term Bitcoin advocates, so any signal of selling from that camp carries outsized psychological weight. Bitcoin fell 4.5% to around $69,000 as a result. Most of the top assets followed: BNB dropped 3%, XRP fell 3.1% and slipped below $1.30, and Solana declined 2%. Ethereum was the notable exception, losing less than 0.5% — a relatively resilient session that may reflect its different institutional ownership profile compared to BTC. Stellar's 10.7% decline stood out even against this backdrop. The broader selloff amplified existing weakness in smaller-cap assets, and Stellar had no specific positive catalyst to offset the pressure. The Fear & Greed index sits at 23, firmly in fear territory, reflecting the market's current mood. Mt. Gox's movement of 10,422 BTC — worth roughly $739 million — to a new wallet added a secondary layer of concern: those coins are part of a long-running creditor repayment process, and large wallet movements from that address historically prompt speculation about imminent selling.

• –Mt. Gox moved 10,422 BTC (approximately $739 million) to a new wallet as the deadline for creditor claims approaches, renewing market concern about potential large-scale selling.
• –MoneyGram launched a stablecoin on the Stellar network, joining a growing list of financial firms building digital dollar payment infrastructure — notable timing given Stellar's sharp price decline today.
• –XRP fell more than 4% and dropped below $1.30, with CoinDesk attributing the move directly to Bitcoin-led market weakness rather than any XRP-specific development.