Bitcoin · Strategy · SEC · Federal Reserve (FED) · Cointelegraph
Bitcoin bulls shake off Strategy's $216M BTC sale as price overtakes $64K
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Bitcoin reversed course from its Monday open selloff and closed the day above $64,000 as bulls began to price in Strategy’s selling.
Key facts
- Bitcoin (BTC) fell from nearly $64,000 on Sunday to about $62,000 on Monday, and the primary trigger behind the move appeared to be a SEC disclosure showing Strategy’s largest ever sale of 3,588 BTC
- Net futures buying reached roughly $415 million for the day, capped by a single four-hour burst of about $687 million that force-closed some $33 million in bets against Bitcoin
- Liquidations hit both directions at once, roughly $42 million of bullish positions and $49 million of bearish ones
- On Wednesday, the Federal Reserve releases minutes from its June meeting, with markets currently pricing in a 75.6% chance that rates will remain at 3.50%-3.75% in July
Summary
Bitcoin (BTC) fell from nearly $64,000 on Sunday to about $62,000 on Monday, and the primary trigger behind the move appeared to be a SEC disclosure showing Strategy’s largest ever sale of 3,588 BTC. Sunday’s climb toward $64,000 was almost entirely futures driven. Monday morning delivered the unwind, and it accelerated as Strategy’s filing landed. Following the news, Bitcoin futures flows swung to roughly $456 million of net selling in a single four-hour window.