Bitcoin dropped 6% to $62,600 on Wednesday, and this time the broader crypto market fell with it. Recent high-performing altcoins that had been holding up through earlier selloffs also gave back significant gains overnight.
According to a report by Yahoo Finance's Decrypt newsletter, Ethereum fell 6% to $1,750, Solana dropped 9% to $68.40, and Hyperliquid fell 9% to $65.70. Among altcoins, ZEC fell 12%, NEAR fell 18%, and VVV dropped 12%. All three had hit new local highs earlier Wednesday before reversing.
Arthur Hayes, a prominent figure in crypto markets, posted that he had sold his entire HYPE and NEAR positions. Hayes said he believes the macro top is in or close, pointing to higher energy prices, three AI company IPOs on the horizon, and the possibility of a surprising Trump pivot on AI as factors that could push markets to a top between now and September.
Bitcoin ETFs have seen 11 consecutive days of outflows, with $1.4 billion leaving this week alone. The selling pressure has pushed Bitcoin toward a critical support level. The most recent local bottom was $60,000, hit briefly on February 5. Analysts watching the market warn that if that level does not hold, further losses could follow.
On the corporate side of crypto, Bitmine filed to offer 3 million shares of Series A Perpetual Preferred Stock at a $100 stated value, targeting a $300 million raise at a 9.5% annual dividend rate. The shares are set to list on the New York Stock Exchange under the ticker BMNP. The structure is explicitly modeled on the preferred stock approach used by Strategy, the Bitcoin treasury company formerly known as MicroStrategy, led by Michael Saylor.
The timing drew attention because Strategy's own preferred shares, trading under STRC at an 11.5% rate, have faced liquidity pressure. Strategy's cash reserves fell to $871 million against $1.7 billion in annual obligations, and the company sold Bitcoin last week for the first time in four years to fund dividend payments. STRC has been trading below par, falling under $95.
Bitmine's position differs in one significant way. The firm holds 5.42 million ETH, representing 4.5% of Ethereum's circulating supply, and generates over $300 million annually in staking revenue through its MAVAN validators. That staking income is intended to cover dividend obligations without requiring the company to sell its holdings.
The broader selloff arrives as crypto markets confront multiple headwinds at once: ETF outflows, high-profile insiders reducing positions, and corporate treasury vehicles showing signs of strain.
