BlockBeats news, on July 7, Crypto Quant analyst Axel Adler Jr. posted that Strategy (formerly MicroStrategy) recently sold 3,588 BTC, worth approximately $216 million, marking the largest Bitcoin sale in the company’s history. However, the market did not experience a significant decline, with BTC prices remaining around $63,000.
This is the first time since December 2022 that Strategy has executed a large-scale net sell-off. The sale was completed in two batches: between June 29 and 30, 1,363 BTC were sold at an average price of approximately $59,256, generating $80.8 million; between July 1 and 5, 2,225 BTC were sold at an average price of approximately $60,773, generating $135.2 million, for a total of approximately $216 million in proceeds.
This sale was primarily conducted to fulfill obligations related to preferred shares and to bolster U.S. dollar reserves, and does not indicate a change in Strategy’s long-term Bitcoin strategy. The company currently holds approximately 843,775 BTC and around $2.55 billion in U.S. dollar reserves. The scale of this sale represents only about 0.4% of its holdings, reflecting a focus on liquidity management rather than a reduction in position.
From the derivatives market perspective, the news of Strategy’s sale has significantly cooled sentiment in the Bitcoin futures market. The Composite Market Index dropped from around 80 in the bullish zone on July 6 to 32.6, entering the bearish range and briefly nearing 20, indicating that leveraged capital is beginning to shift toward defensive positions. However, Bitcoin’s price has responded only marginally, remaining above its 30-day fair value. The market tends to view this sale as a passive liquidity operation rather than a systematic exit from Bitcoin by Strategy.
The market is currently in a "neutral to cautious" state, with price action remaining relatively stable, but derivative positions have clearly weakened. If the Composite Market Index rises back above 55, it could signal a recovery in market risk appetite; if it remains below 45 for an extended period, it may further pressure BTC below its fair value level.