Bitcoin hits 6-week low as analyst says Strategy’s cash runway has collapsed to 6 months to cover its dividends

Key Points:

• Bitcoin dropped below $73,000, hitting a six-week low amid significant outflows from bitcoin ETFs, with $733.43 million withdrawn on Wednesday, marking the largest daily exit since late January.
• BlackRock’s iShares Bitcoin Trust experienced $527.8 million in outflows, its second-largest since inception, following a massive $1.29 billion dark pool sale of IBIT shares.
• Analysts highlight $74,000 as a critical support level; failure to hold could lead bitcoin to retest February lows near $60,000, while resistance lies near the 200-day moving average around $80,000.
• Strategy’s STRC, a major bitcoin holder with a $10.4 billion preferred equity instrument and 11.5% dividend, faces financial stress, with its cash runway to cover dividends shrinking to 6.1 months, prompting founder Michael Saylor to consider selling bitcoin.
• Experts warn that Strategy’s potential selling could weaken market sentiment and the bitcoin bull case, as it has been a key institutional anchor, though some view any sales as more symbolic than materially impactful on price.