Haciyev Reşit 
The sharp pullback in Bitcoin’s price has affected not only retail investors but also institutional investors and large funds. With weekend selling pressure pushing Bitcoin below the $76,000 level—a critical threshold in the market—this level has been closely monitored, particularly on the Strategy side. At the same time, U.S.-traded Bitcoin spot ETFs have also entered the loss zone due to this price movement, increasing pressure on institutional positions.
Sharp Drop in Bitcoin: Key Levels Breached
On Saturday evening, intensified selling pressure drove Bitcoin below $80,000 and further down to $75,500. Starting the new week with a weak outlook, Bitcoin tested the $74,500 level during Monday trading. This sharp pullback, which pushed prices below the average cost levels of institutional investors, is seen as a key threshold in the market, while short-term volatility has increased significantly.
Since 2020, Strategy has been regularly acquiring Bitcoin and currently holds 712,000 BTC on its balance sheet, with an average purchase price around $76,000. Bitcoin slipping below this critical level has sparked questions about whether “Strategy will be forced to sell Bitcoin.” However, there has been no official statement or signal from the company indicating a mandatory sale. Analysts suggest that Strategy is maintaining its long-term Bitcoin strategy, and short-term price fluctuations may not directly trigger a selling decision.
Bitcoin Spot ETFs in Even Bigger Losses
Following Strategy, an even more notable impact is seen in U.S. Bitcoin spot ETFs. According to Galaxy Digital research director Alex Thorn, the average cost basis of Bitcoin held by these ETFs is $87,830 per coin. Current prices being well below this level indicate that ETFs have entered the loss zone much earlier than Strategy, showing that institutional investors are under short-term performance pressure, which also partially explains capital outflows from ETFs.
Over the past two weeks, Bitcoin spot ETFs experienced net outflows of approximately $3 billion—$1.5 billion last week and $1.3 billion the week before. Bitcoin ETFs are considered a critical indicator for gauging institutional investor interest and market sentiment. Outflows of this scale not only impact short-term price movements but also clearly demonstrate the strength and extent of selling pressure in the market.
What Is Driving the Decline?
Analysts attribute Bitcoin’s pullback to macroeconomic uncertainty, geopolitical risks, and increased risk-off sentiment in global markets. In particular, uncertainty regarding interest rate policies and global market volatility has led investors to take more cautious positions, adding additional pressure on high-cost institutional holdings. At the time of reporting, Bitcoin continues to trade around the $76,000 level. Whether it can hold above this level in the coming days will be critical for both Strategy’s balance sheet stability and capital flows in U.S. Bitcoin spot ETFs.
Also, you can freely share your thoughts and comments about the topic in the comment section. Additionally, please follow us on our Telegram, YouTube and Twitter channels for the latest news and updates.