Bitcoin Tests $72,000 as USDT Supply Drops $1.3B; Strategy Sells 32 BTC
Bitcoin briefly tested $72,000 on Binance, dipping to $71,854, after the USDT market supply fell by approximately $1.3 billion. Experts note a similar liquidity withdrawal in February preceded a crash from ~$90,000 to ~$60,000. Additionally, Strategy reported its first Bitcoin sale, offloading 32 BTC for about $2.5 million last week.
Bitcoin made a brief dip to $71,854 on Binance after touching the $72,000 level, coinciding with a ~$1.3 billion reduction in the circulating supply of USDT. This drop represents less than 1% of Tether's total market cap.
Some analysts recalled that a comparable withdrawal of liquidity from the market in February was followed by a Bitcoin crash from around $90,000 to approximately $60,000, raising concerns about potential downside pressure.
Separately, Strategy (formerly MicroStrategy) reported its first-ever sale of Bitcoin from its corporate treasury. The company sold 32 BTC last week for roughly $2.5 million, marking a rare divestment by the firm known for accumulating the digital asset.
Source: ForkLog