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An image of Bitcoin. / Reuters·Yonhap

Recently, major cryptocurrencies have all declined simultaneously, sharply weakening investor sentiment. Concerns over possible selling by Strategy, the largest corporate holder of Bitcoin, combined with capital outflows from U.S. spot Bitcoin ETFs and broader macroeconomic uncertainty, have fueled risk‑off sentiment across the market.

As of 1:30 a.m. on June 10, according to CoinMarketCap, Bitcoin was trading at $61,137, down 3.15% from 24 hours earlier. Major altcoins also weakened: Ethereum (ETH) fell 3.49% to $1,622, XRP dropped 4.32% to $1.11, and Solana (SOL) slid 4.10% to $64.2.

Market observers believe that recent concerns surrounding Strategy have significantly dampened sentiment. On June 1, Strategy disclosed the sale of 32 Bitcoins. Since the company had previously only been accumulating Bitcoin, its decision to sell some holdings sparked speculation that it might sell more to secure funds for STRC preferred‑share dividends.

As the largest corporate holder of Bitcoin, with more than 600,000 coins, Strategy wields considerable market influence. Jeff Dorman, CIO of crypto investment firm Arca, commented: “Last week’s selling pressure in the market was clearly driven by news related to Strategy.”

On the other hand, Strategy Chairman Michael Saylor pointed to capital flows into the AI industry as a key factor behind the crypto market’s weakness. He said, “Building AI infrastructure is absorbing massive amounts of capital, which is temporarily pressuring financial markets overall.” Indeed, while AI‑related stocks have recently surged in U.S. equity markets, cryptocurrencies have lagged.

Strategy has sought to ease concerns by announcing additional Bitcoin purchases. On June 8 (local time), the company revealed it had acquired 1,550 more Bitcoins, stating that this strengthened its financial soundness.

Outflows from U.S. spot Bitcoin ETFs have also weighed on the market. Institutional inflows that fueled last year’s Bitcoin rally have slowed, weakening buying momentum. In fact, U.S. spot Bitcoin ETFs saw net outflows of $1.72 billion (about 2.68 trillion won) last week, the largest weekly outflow in over a year, according to SoSoValue data.

Ryan Meyer, co‑founder and COO of Genius, noted: “ETF flows often lag rather than lead market sentiment. It is natural for investors to reduce risk exposure after macroeconomic uncertainty and volatility increase.” He added, however, “If Bitcoin holds key support levels and the macroeconomic environment stabilizes, sidelined investors are likely to re‑enter the market.”

Uncertainty over U.S. monetary policy and concerns about economic slowdown are further weakening risk appetite.

Investor sentiment is extremely depressed. The Crypto Fear & Greed Index currently stands at 10, in the “Extreme Fear” zone. A lower score typically indicates heightened investor anxiety and greater potential for volatility.

Experts expect high volatility to persist for the time being. Strategy’s next moves, ETF fund flows, and the Federal Reserve’s monetary policy direction are seen as key short‑term variables shaping the market.

                                                                                                           Kim Yoon‑hee