Bitcoin dropped under $77,000 and traded at $76,901 after a brutal one-hour wipeout hit the crypto market.
About $600 million in positions were liquidated in 60 minutes, forcing leveraged traders out fast while the broader market turned red, according to data from Coinglass.
The pain was clear in U.S. spot Bitcoin ETFs. Last week, those funds reportedly posted about 13,000 $BTC in net withdrawals. More than 4,000 $BTC came out of Ark-linked products, showing that ETF demand had cooled before the latest break lower.
Long-term holders keep buying Bitcoin while ETF demand weakens
CryptoQuant’s Bitcoin exchange netflow data across all exchanges still shows large withdrawals from trading platforms earlier this year. Traders usually watch that kind of activity closely because coins leaving exchanges are often linked to whale buying and longer-term storage.
Bitcoin ($BTC) long-term holder supply has climbed to about 15.26 million $BTC, which is the highest reading since August 2025. CryptoQuant analyst Darkfost said these wallets added around 316,000 $BTC in the past 30 days. That is a big change from late November, when the same group reduced its balance by about 650,000 $BTC over a 30-day window.
The latest buildup shows that investors who bought near the cycle high around six months ago are now being counted among the steadier hands in the market.
Darkfost wrote:
“The supply held by Long Term Holders (LTHs) continues to increase as investors keep holding their $BTC. We are now back to 15.26 million $BTC held by these investors, who are generally considered much more stable than STHs.”
Darkfost also pointed to another date traders are watching. Around 800,000 $BTC that left Coinbase last year will reach the six-month age line on May 23. Once that happens, those coins will enter the long-term holder category. That could lift the supply figure again later this month, even without a fresh round of buying.
Markets are also waiting for the FOMC minutes due May 20, taken from Jerome Powell’s final Federal Reserve meeting as Chair.
Strategy pushes its STRC vote as Michael Saylor hints at another Bitcoin buy
Meanwhile, Michael Saylor on Sunday put a Strategy (NASDAQ: MSTR) Monday Bitcoin purchase back on the radar, posting on X, “Big Dot Energy” beside a chart that tracks Strategy’s Bitcoin purchases across nearly six years.
Michael has posted similar purchase charts before Strategy later announced a fresh Bitcoin buy. That is why traders are paying attention again. If Strategy buys this week, the company would add to its current holding of 818,869 $BTC.
At the Bitcoin price used at press time, Strategy’s holdings were worth a little under $67 billion.
Last week, Strategy had asked retail investors to vote on a change linked to STRC, its Variable Rate Series A Perpetual Stretch Preferred Stock after Strategy’s official X account asked holders to support a proxy proposal that would let the company pay STRC dividends twice each month instead of once.
Cryptopolitan previously reported that Strategy said the twice-monthly payment plan could cut the waiting time before dividends are reinvested, help trading liquidity, make the market work more smoothly, and help STRC stay closer to its $100 target price.
The company also said the yearly dividend rate would not change if holders approve the amendment.
