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CryptoQuant analyst: Strategy records largest BTC sell-off, futures market noticeably cools down.

MarsBitNews
Mars Finance News, CryptoQuant analyst Axel Adler Jr. stated that Strategy recently sold 3,588 BTC, recording the largest Bitcoin sell-off on record, with the proceeds used for preferred stock payments and replenishing dollar reserves. Citing the Form 8-K filing, the sale was executed in two batches: from June 29 to June 30, 1,363 BTC were sold at an average price of $59,256, netting $80.8 million; from July 1 to July 5, 2,225 BTC were sold at an average price of $60,773, netting $135.2 million, for a total of $216 million. The proceeds were used for preferred stock payments and replenishing dollar reserves. Axel noted that this sell-off differs from the one in 2022, which was for tax optimization, and is primarily driven by debt obligations, and does not represent a change in Strategy's long-term Bitcoin strategy. As of July 5, Strategy still holds 843,775 BTC and $2.55 billion in reserves, with the sale representing approximately 0.4% of its Bitcoin holdings. He also pointed out that after the announcement, Bitcoin futures market positions significantly cooled, with the Integrated Market Index (IMI) dropping from around 80 to 32.6, briefly nearing 20, entering bearish territory; however, the Bitcoin price has largely stayed in the $61,600 to $64,200 range, currently still above the 30-day fair value of $61,800. Analysis suggests that the market currently views this sale as passive liquidity management rather than the start of a systematic reduction.
BTC2.81%
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