NEW YORK — Bitcoin fell below $70,000 on Tuesday for the first time in nearly two months, extending a recent slide as investors digested corporate selling, large cryptocurrency transfers and renewed geopolitical risks tied to U.S.-Iran tensions.

The world's largest cryptocurrency dropped as much as 3-4% during trading, hitting levels around $69,300 before paring some losses. At one point Tuesday, it traded near $69,334.70, down about $1,980 or 2.78% for the day.

The move marks a notable shift after Bitcoin had held above the psychologically important $70,000 threshold since early April. Market participants pointed to a combination of factors weighing on sentiment in thin summer trading conditions.

Corporate Selling and Mt. Gox Transfers

MicroStrategy, the largest corporate holder of Bitcoin, disclosed the sale of 32 BTC for approximately $2.5 million between May 26 and 31 to fund preferred stock distributions. While small relative to its overall holdings of tens of thousands of bitcoins, the transaction broke the company's long streak of accumulation and drew attention as a symbolic shift.

Separately, wallets linked to the defunct Mt. Gox exchange executed significant on-chain transfers, including one involving roughly 10,422 BTC worth about $739 million. Such movements have historically triggered short-term selling pressure due to fears of eventual distribution to creditors.

ETF Outflows and Institutional Flows

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