Institutional Outflows & Supply Overhang: The market has experienced a grueling multi-day outflow streak from U.S. spot Bitcoin ETFs, withdrawing billions in capital.



Compounding this, sentiment was highly dampened by reports of MicroStrategy reducing a minor portion of its Bitcoin holdings to fund dividend payments on preferred shares a move that, while structurally small, carried major bearish symbolic weight for investors
BTC-0.01%
Janu_BNB
Massive Options Expiry Pressure: Leading into the major June 26 options expiry (valued at over $10.6 billion), a massive 80%+ of bullish Bitcoin bets have been pushed out of the money due to the month's downward momentum.

This significant imbalance is driving volatility as traders aggressively hedge or adjust their positions
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