Bitcoin Price Dips as Mining Firm BitFuFu Sells 184 BTC
Bitcoin (BTC) price declined 2.20% to $62,736 on Monday, underperforming the broader crypto market’s 2.04% drop, primarily driven by geopolitical risk aversion.
BTC price declined as mining firm BitFuFu sold 184 BTC, reducing its treasury to 1,671 BTC, to secure upfront payments for future hash rate capacity.
The company’s operational focus shifted toward expanding mining infrastructure, with capacity growing 9.4% month over month to 3.5 EH/s.
This is a near-term headwind for price as it contributes to sell-side pressure from miners. However, it’s a neutral long-term operational move, signalling industry focus on efficiency and growth over pure accumulation of treasury.
BTC also reacted to renewed U.S.-Iran military strikes over the weekend, which spiked oil prices and inflation fears, triggering a selloff in risk assets like Bitcoin.
The latest round of airstrikes between the U.S. and Iran over the weekend escalated tensions, pushing Brent crude oil prices up over 3%.
This revived fears of energy-driven inflation, which could force central banks to maintain higher interest rates for longer—a negative environment for non-yielding assets like Bitcoin.
The market treated Bitcoin as a risk-off asset, selling it amid macro uncertainty. Any de-escalation in the Middle East or comments from central bankers on inflation’s impact.
The selloff triggered significant liquidations, with $67.45 million in Bitcoin positions forcibly closed in 24 hours, 88% of which were long bets. This forced selling added momentum to the decline.
The immediate catalyst is the U.S. Consumer Price Index (CPI) report due July 14. If the data shows cooling inflation, it could relieve pressure and allow Bitcoin to stabilise above $61,376.
A hotter-than-expected print risks breaking that support, targeting the $60,000 psychological zone. The short-term trend is bearish, but a hold at current levels could signal consolidation.
The combination of a macro shock and a leveraged washout has pushed Bitcoin lower. While spot ETF flows recently turned positive, signalling underlying demand, they weren’t enough to counter the selloff.
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