Strategy just dumped 3588 BTC for roughly $216 million 🖤 The price dipped under $61500 for a moment before snapping back fast.
Why Dumping BTC Could Strengthen The Setup 🌑
Grayscale research head Zach Pandl sees this as a smart move that might give Bitcoin a sturdier floor after the initial shock in their update. Strategy still sits with about $52 billion in BTC against only $7 billion in debt and keeps annual dividends under $2 billion so the balance feels solid overall. Late May saw dollar reserves fall to $870 million which covered dividends for around six months and sparked some worry about the next steps.
Bitcoin Holds Firm Despite The Noise 🕯️
By late June the firm rolled out a fresh framework to issue shares or sell BTC when needed to protect reserves. July 6 confirmed another sale yet reserves climbed to $2.55 billion for 17 months of coverage and STRC price action shows investors are warming up to these calls. Market chatter stayed heavy on the sale fears but Bitcoin already defended the $60000 zone in a quick relief bounce after that overly bearish close to June.
Unexpected relief rally after $BTC defended $60K once again
— Santiment (@SantimentData) July 2024
Just another echo from the void by iconofsin.eth 💖
