Bitcoin has dropped toward $69,000 — its lowest since April 7 — after MicroStrategy's (Strategy) share sale spooked sentiment, triggering $766M in liquidations across the crypto market. MSTR is down 5.9% on the day with heavy insider selling (32 sells vs 2 buys in 30 days), creating a compounding negative setup as the proxy trade for BTC faces both directional and company-specific headwinds.