Mars Finance News, July 7 - CryptoQuant 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 see a significant decline, with BTC prices still hovering around $63k. This is Strategy's first large-scale net sell-off since December 2022. 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, cashing out $80.8 million; between July 1 and 5, 2,225 BTC were sold at an average price of approximately $60,773, cashing out $135.2 million, totaling about $216 million in funds. The sale was primarily used to meet preferred stock-related obligations and supplement USD reserves, and does not represent a change in Strategy's long-term Bitcoin strategy. The company still holds approximately 843,775 BTC, with USD reserves of about $2.55 billion. The size of this sale accounts for only about 0.4% of its holdings, leaning more towards liquidity management rather than a signal to reduce holdings. From the derivatives market perspective, the news of Strategy's sale led to a significant cooling of sentiment in the Bitcoin futures market. The comprehensive market index fell from a bullish region of around 80 on July 6 to 32.6, entering bearish territory and once approaching 20, indicating that leveraged funds began to shift towards defense. However, Bitcoin's price reaction to this has been limited, and it remains above the 30-day fair value. The market is more inclined to view this sale as a passive liquidity operation rather than Strategy beginning a systematic exit from Bitcoin. The market is currently in a "neutral to cautious" state, with prices relatively stable, but derivatives positions have clearly weakened. If the comprehensive market index rises back above 55, it may indicate a recovery in market risk appetite; if it remains below 45 for an extended period, it could further drag BTC below fair value levels.

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Analysis: Strategy sells BTC on a large scale for the first time in five years, but the market does not show excessive panic.

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