Jun 3, 2026 weekly deep dive
Weekly Deep Dive: Bitcoin Slides Toward Fair Value as Strategy Starts Selling Coins
₿ Conviction
Bitcoin is in its second capitulation of the bear market at $65.8k, down 20% from the May 10 $82.3k high and 47% from the prior cycle top. ETF flows have turned net-negative for all of 2026, Strategy just sold BTC for the first time ever to fund preferred dividends, and on-chain cost-basis math has price back inside fair-value territory. Here’s what’s happening in plain English: