Bitcoin bulls shake off Strategy's $216M BTC sale as price overtakes $64K

Bitcoin reversed course from its Monday open selloff and closed the day above $64,000 as bulls began to price in Strategy’s selling.

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. The fuller explanation for the price action can be found deeper in the plumbing.

Sunday’s climb toward $64,000 was almost entirely futures driven. 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. Spot flows over the same session were slightly negative, and this gap matters since a rally with no cash buyers behind it rests on positions that can be forced to unwind at any moment.

Monday morning delivered the unwind, and it accelerated as Strategy’s filing landed. The largest corporate Bitcoin treasury holder sold BTC for $216 million to fund dividend payments, with a further $1.25 billion of sale capacity still untouched. 

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