Strategy offloads 3,588 BTC in biggest sale since 2022; bitcoin holds near $63,000

July 7 — CryptoQuant analyst Axel Adler Jr. said Strategy (formerly MicroStrategy) recently sold 3,588 BTC worth about $216 million, marking the company's largest Bitcoin disposal on record. Bitcoin prices showed little reaction, hovering around $63,000. The transaction is Strategy's first large net selloff since December 2022 and was executed in two tranches. From June 29 to 30, the firm sold 1,363 BTC at an average price of roughly $59,256, raising $80.8 million. From July 1 to 5, it sold 2,225 BTC at an average of about $60,773, raising $135.2 million. Total proceeds were approximately $216 million. Adler said the sale was mainly aimed at meeting obligations tied to preferred shares and strengthening U.S. dollar reserves, and does not signal a shift in Strategy's long-term Bitcoin posture. Strategy is said to hold about 843,775 BTC and roughly $2.55 billion in dollar reserves. The sale represents around 0.4% of its Bitcoin holdings, pointing to liquidity management rather than a meaningful position reduction. Derivatives data shows sentiment cooling more sharply than spot prices. The Composite Market Index fell from around 80 in the bullish zone on July 6 to 32.6, moving into bearish territory and briefly approaching 20, suggesting leveraged participants are turning more defensive. Even so, bitcoin has remained above its 30-day fair value. Market participants broadly view the move as a passive liquidity operation, not a systematic exit from Bitcoin by Strategy. Conditions are described as "neutral to cautious": spot prices have stayed relatively steady, while derivatives positioning has weakened. A rebound of the Composite Market Index above 55 could indicate renewed risk appetite; staying below 45 for an extended period may increase pressure for BTC to trade below its fair value.