The panicky action got more so overnight, with bitcoin (BTC) careening to as low as $61,400 before quickly bouncing back to $64,000.
Ahead of the open of U.S. stocks, bitcoin is headed lower again, currently trading at $62,400, down 7% over the past 24 hours.
At the center of the plunge, Strategy Executive Chairman Michael Saylor has spoken. "Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months," Saylor posted to X minutes ago. "Bitcoin ETFs have seen ~$4B of outflows since May 14, pressuring BTC," he continued.
"This is a capital rotation, not a Bitcoin impairment. Volatility creates opportunity," Saylor concluded.
His comments echoed much of the conventional wisdom surrounding crypto's general price struggles in recent months, which have become particularly acute this week after Strategy sold some of its bitcoin.
MSTR shares are lower 1.8% premarket.
