- Bitcoin dipped below $80,000, hitting a low near $78,795, as U.S. spot ETFs saw their largest daily outflow in three months at $630 million.
- A structural buying mechanism tied to Strategy‘s STRC preferred stock has fueled mid-month Bitcoin rallies, with purchases ramping from 4,467 BTC in January to 46,872 BTC in April.
- Analysts are divided on whether the STRC pattern will continue to drive prices, with one noting demand for the instrument appears to be plateauing this month.
- Users on the prediction market Myriad assign an 85% chance that Bitcoin’s next major move will be a pump to $84,000 rather than a dump to $55,000.
Bitcoin faced a significant sell-off this week, dropping below $80,000 as institutional investors pulled a massive $630 million from spot ETFs. Consequently, the cryptocurrency hit an intraday low of $78,795, marking its steepest decline in three months according to reported data. However, some analysts believe this dip will be short-lived, citing aggressive accumulation by large wallets.
Strategy‘s STRC preferred shares have become a key structural force, driving consistent mid-month buying rallies. The mechanism allows the Bitcoin treasury firm to issue shares and use the proceeds to purchase Bitcoin, a process detailed in a Tuesday report from K33 Research. This pattern has seen Bitcoin purchases ramp up dramatically, from 4,467 BTC in January to nearly 46,872 BTC by April.
Nevertheless, the current cycle shows signs of weakening. “STRC recovered to par much more slowly, and the actual conversion into Bitcoin buying has been minimal so far,” said Andri Fauzan Adziima of Bitrue Research Institute. Meanwhile, the broader market context has shifted, with the AI equity rally now potentially absorbing speculative capital that once flowed into crypto.
Despite the pressure, underlying flows remain constructive. Spot Bitcoin ETFs have attracted over $4 billion since March, while stablecoins have seen more than $7 billion in inflows since February. Furthermore, users on Myriad remain overwhelmingly optimistic about Bitcoin’s trajectory. The imminent STRC ex-dividend date on Friday will be a critical test of whether the established rally pattern can hold for a fourth consecutive month.
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