CryptoQuant Analyst: Strategy records the largest scale BTC sell-off, futures market shows significant cooling

CryptoQuant analyst Axel Adler Jr. stated that Strategy recently sold 3,588 BTC, marking the largest recorded Bitcoin sale to date, with the funds used for preferred stock payments and to replenish USD reserves.

According to the Form 8-K document he cited, 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, generating $80.8 million; from July 1 to July 5, 2,225 BTC were sold at an average price of $60,773, generating $135.2 million, for a total revenue of $216 million. The funds were used for preferred stock payments and to replenish USD reserves.

Axel indicated that this sale differs from the sales made in 2022 for tax optimization, as it 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 this sale accounting for approximately 0.4% of its Bitcoin reserves.

He also pointed out that after the announcement, the Bitcoin futures market positions significantly cooled down, with the Composite Market Index (IMI) dropping from about 80 to 32.6, briefly approaching 20, entering a bearish range; however, Bitcoin prices have largely remained in the range of $61,600 to $64,200, still above the 30-day fair value of $61,800. Analysts believe that the market currently views this sale as passive liquidity management rather than the beginning of a systematic reduction.