Strategy offloads 3,588 BTC for $216M; bitcoin steadies as selling fears fade

CoinDesk reports that bitcoin showed resilience after Strategy sold 3,588 BTC, a move that many expected could trigger follow-on selling. Once the sale was confirmed, prices stayed broadly stable and exchange inflows fell, prompting discussion that the transaction may have already been priced in. The report says the company sold 3,588 BTC worth about $216 million in two transactions. The sale was far larger than the 33 BTC Strategy sold in May for tax purposes. Afterward, its bitcoin holdings fell to about 843,800 BTC, while cash rose to roughly $2.55 billion. Given Strategy's status as one of the world's largest institutional bitcoin holders, a reduction in holdings typically raises supply concerns. In this case, the muted price reaction suggests the market had anticipated the selling pressure and that demand absorbed the additional supply. On-chain data also failed to show a wave of coins moving onto exchanges. Instead, exchange inflows dropped to their lowest level in nearly two weeks, indicating holders were not rushing to sell after the news. The report characterizes this as a setup where sentiment may lean bearish, yet realized selling pressure remains limited. Market attention is now on whether Strategy could continue selling and whether other large holders might follow by taking profits. So far, those concerns have not translated into broader selling. Bitcoin held prior support and rebounded after the announcement, signaling buying interest on dips. Technically, the report points to early signs of a recovering structure. Bitcoin defended the $59,000 level and pushed back above the midline near $63,800, improving short-term momentum versus the prior consolidation. The next key hurdle is around $65,500, an area aligned with recent highs that has repeatedly capped advances. A decisive break could strengthen confidence that supply has been absorbed and open a path toward $69,000. If bitcoin is rejected again near $65,500 while exchange inflows pick up, the report warns selling pressure may be returning, raising the risk of another test of $59,000 support. Overall, external media see resilience holding, but a fuller recovery hinges on clearing resistance.