Bitcoin quickly recovered after a large institutional sell order, with the market viewing this as evidence of continued short-term demand. Bitwise CEO Hunter Horsley stated that Bitcoin "still wants to go higher," reflecting his assessment of its current price resilience.
The strategy rebounded after selling 3,588 BTC
Reports indicate that Michael Saylor’s Strategy disclosed the sale of 3,588 bitcoins, cashing out approximately $216 million. Following the news, bitcoin briefly dropped below $62,000 during trading but quickly rebounded, moving back toward $63,800.
This rebound indicates that, despite the market's sensitivity to large sell orders, buying interest has not significantly withdrawn. The selling pressure from corporate减持 has not yet evolved into a sustained decline.
Macro volatility has not altered the short-term bullish bias.
The report noted that recent U.S. employment data weakened, increasing market expectations for a Fed rate cut. While such macroeconomic shifts typically affect risk asset pricing, Bitcoin absorbed this sentiment volatility more quickly than usual.
However, the market still faces other pressures, including changes in ETF fund flows and portfolio rebalancing. This means that while prices have shown resilience, their future movement will continue to be directly influenced by funding conditions.
Grayscale says funding concerns have eased
Grayscale research head Zach Pandl said that Strategy’s recent funding arrangement has helped restore market confidence in its financing structure and may also assist in forming a more solid阶段性 bottom for Bitcoin’s price.
According to reports, Strategy’s U.S. dollar cash reserves dropped to approximately $870 million by the end of May, covering only about six months of preferred dividends. Following the introduction of the new framework at the end of June and the sale of Bitcoin, the company’s U.S. dollar reserves have increased to approximately $2.55 billion, equivalent to about 17 months of dividend coverage.
- Sale size this time: 3,588 BTC
- Cash-out amount: approximately $216 million
- Current USD reserves: approximately $2.55 billion
As of the report, Strategy still holds 843,775 bitcoins and remains one of the most closely watched corporate Bitcoin holders. Changes in its funding structure not only affect the company itself but will also continue to influence market perceptions of corporate Bitcoin holding models.