Bitcoin reclaims $64k – But Strategy’s $216mln underwater sale threatens momentum
Has Bitcoin's biggest seller already stepped aside, or is retail next?
Bitcoin climbed above $64,200 in early trading on Friday, the 10th of July, strengthening its recovery even as Strategy sold Bitcoin at a loss.
Holding above this level into next week could reinforce the recovery. However, the bigger question is who has been selling into the rally, and at what price.
Strategy’s recent disposals weighed on sentiment. Even so, its average acquisition price remains well above that of retail investors on Binance. That gap shifts attention away from Strategy and toward retail holders, who now sit comfortably in profit and may choose to sell into strength.
Did Strategy’s Bitcoin sales really matter?
Strategy recently announced plans to sell part of its Bitcoin [BTC] holdings through its Digital Credit Capital Framework. The company said the proceeds would fund dividend payments and share repurchases.
On the 6th of July, Strategy sold 3,588 BTC for roughly $216 million, marking its largest disposal to date. The sale occurred near $60,000, around 20% below Strategy’s average acquisition price of $75,476.
Including its earlier sale of 32 BTC on the 1st of June, Strategy’s average disposal price reached $65,721. Its average purchase price stood at $75,584, leaving the company with an overall realized loss of 13.06%.
While the market viewed the sales as bearish, CryptoQuant analyst Darkfost argued they reflected liquidity needs rather than a change in Strategy’s long-term outlook.
A choice that reflects the company’s need for liquidity, rather than a market conviction.
That view aligned with Strategy’s continued commitment to Bitcoin. The company still holds 843,775 BTC, roughly 4.2% of the circulating supply, valued at about $53.8 billion at press time.
Why could retail decide Bitcoin’s next move?
The same data suggested retail activity may now carry greater influence over Bitcoin’s direction.
A comparison between Strategy’s realized price and Binance’s retail cost basis highlighted the difference. Binance holds nearly 30% of all exchange-held Bitcoin, or about 2.38 million of the 8 million BTC held across exchanges.
Strategy realized its recent sales at $65,721. By comparison, retail investors realized Bitcoin near $60,900, while Binance-linked addresses held an average cost basis around $57,000, according to CryptoQuant data from the 2nd of July.
That left most retail holders in profit at current prices. As Bitcoin approaches levels well above its average entry, profit-taking becomes increasingly likely.
Spot demand already reflected that caution.
Binance recorded only about $35.5 million in net buying, a relatively small margin that kept the market only modestly bullish. That thin buying pressure suggested buyers had yet to fully absorb potential selling from profitable retail holders.
If retail investors begin locking in gains, their selling activity could carry greater influence over Bitcoin’s next move than Strategy’s recent disposals.
Final Summary
- Strategy sold Bitcoin at a loss to fund dividends and share buybacks but still holds roughly 4.2% of the circulating supply.
- Retail investors remain comfortably in profit, making their willingness to sell the more important signal for Bitcoin’s next move.
