New Delhi: Bitcoin recovered above the $63,000 mark after experiencing sharp volatility following a major Bitcoin sale by Strategy. Despite the company’s reported multi-billion-dollar digital asset loss and continued outflows from Bitcoin exchange-traded funds (ETFs), the world’s largest cryptocurrency regained ground as buying interest returned and on-chain indicators pointed towards improving market stability.
Bitcoin rebounds after Strategy’s major BTC sale
Bitcoin was trading at around $63,163, down marginally by 0.2% over the previous 24 hours after recovering from earlier volatility. Ethereum also slipped 0.5% to trade near $1,770, while most major altcoins witnessed mixed performance.
The volatility followed Strategy’s disclosure of an $8.32 billion loss on its digital asset holdings during the second quarter. The company also confirmed that it sold a portion of its Bitcoin holdings over the past week.
According to reports, Strategy sold 1,363 Bitcoin between June 29 and June 30 at an average price of $59,256 per coin. Between July 1 and July 5, it sold another 2,225 Bitcoin at an average price of $60,773.
Despite these sales, Strategy continues to hold 843,775 Bitcoin, with an average acquisition cost of $75,476 per BTC.
Cryptocurrency market remains under pressure
Market analysts noted that Bitcoin briefly touched an intraday high of $64,700 before witnessing a mild correction.
According to the CoinDCX Research Team, Bitcoin was trading around $63,340, while Ethereum remained near $1,773. Other major cryptocurrencies traded at:
- BNB: $579.64
- XRP: $1.13
- Solana: $81.19
- Tron: $0.32
- Hyperliquid: $70.36
- Dogecoin: $0.075
Among the leading altcoins, BNB, XRP, Hyperliquid, Dogecoin and Cardano declined by up to 4%, while Solana and Tron posted marginal gains.
Fear continues to dominate crypto sentiment
Investor sentiment remains weak despite Bitcoin’s recovery.
The Crypto Fear and Greed Index currently stands at 28, indicating that market participants continue to remain cautious amid broader uncertainty.
Among the day’s top-performing cryptocurrencies were Pyth Network and DeXe, which gained around 9% and 8.7%, respectively. Jito and LayerZero also recorded gains of more than 5%.
On the losing side, MemeCore declined nearly 13%, while Bonk, Venice Token and Worldcoin also posted notable losses.
Bitcoin ETFs continue to witness outflows
The broader crypto market is also facing pressure from continued withdrawals from Bitcoin ETFs.
According to market data, Bitcoin ETFs have now recorded eight consecutive weeks of net outflows, with no week of positive inflows since early May. Analysts believe this trend has weighed on institutional demand for the cryptocurrency.
Meanwhile, Strategy’s sale of 3,588 Bitcoin, valued at approximately $216 million, had only a limited impact on Bitcoin’s overall price movement, suggesting that the market absorbed the selling pressure relatively well.
Trump’s Strategic Bitcoin Reserve faces hurdles
The proposed Strategic Bitcoin Reserve backed by the Trump administration is also facing legal and administrative challenges.
Officials are reportedly examining whether the US Treasury has the legal authority to hold and manage government-owned Bitcoin, delaying progress on the proposal.
In another milestone for the crypto industry, Solana surpassed one billion weekly transactions for the first time, taking its total transaction count to 116 billion, highlighting continued activity on the blockchain despite broader market weakness.