Cryptocurrencies: The market is expected to test the strength of the downtrend.

Market Overview
The total market capitalization of cryptocurrencies rose by 2.3% in the last 24 hours to reach $2.19 trillion. However, we see that the market's ability to absorb the news of Strategy selling Bitcoin from its reserves is the main development. The market began to recover from the initial decline relatively quickly, taking a practical stance on the volume of sales. Although a test of the previous high has not yet come, the market cap is approaching the 50-day moving average; a sustained move above this level will be an important confirmation of a trend reversal to the upside. Among the most active coins, the top gainers in the last 24 hours were Aptos (+6.1%), Internet Computer (+3.8%), and VeChain (+3.7%). The top losers were Stellar (-2.3%), Gram (-2.1%), and Hedera (-1.6%).

The market sentiment index rose to 27, after exiting the "extreme fear" zone where it had remained for 40 days. However, we again advise waiting until the index sustainably rises above the 50 level before concluding a market trend reversal, as this rise has not occurred since last November.

Bitcoin's price rose above $64,500 early in the day, posting a notable increase of 5.5% following the initial reactions to reports that Strategy had sold $226 million worth of the leading cryptocurrency. However, this momentum did not last long, and we saw a pullback to $63,000. If the uptrend continues, it is worth monitoring Bitcoin's performance around the $66,000 level. A sustained move above this level could be one of the first indicators of a trend reversal. That said, we cannot rule out increased selling pressure, as seen in the middle of last month.

News Background
Strategy sold 3,588 Bitcoin last week (worth approximately $226 million) at an average price of $60,000 per coin. Strategy's reserves dropped to 843,775 Bitcoin, purchased at an average price of $74,476 per Bitcoin. The proceeds were used to pay dividends on STRC preferred shares.

According to Visa, the monthly volume of transactions involving stablecoins hit a record high of $1.79 trillion in June. This figure jumped 63% compared to May and 125% year-over-year. Circle's USDC captured the majority of transaction volume in the first month of summer, at nearly 67%.

According to Nansen calculations, about one million people lost a total of $3.8 billion in their investments in the Trump digital coin, a satirical coin associated with the image of the US president. In a recent financial disclosure, Trump reported receiving $636 million from this coin.

The cryptocurrency market recovered after absorbing the selling wave that followed the Strategy sale. Key reversal indicators include the market cap stabilizing above the 50-day moving average, and Bitcoin trading above $66,000.
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