Bitcoin Drops as Grayscale Research Guides Strategy Inc. to Sell $3bn BTC
Bitcoin (BTC) price declined below $60k, closely tracking a 0.62% drop in the total crypto market cap amidst growing concerns around a major corporate holder, Strategy Inc.
Trading at $59.98k on Sunday, BTC faces a tough outlook as market confidence has been shaken by stress at Strategy, whose stock now trades at a discount to its Bitcoin holdings.
Grayscale’s research team is publicly pushing for a roughly $3 billion Bitcoin (BTC) sale to shore up the finances of “Strategy,” the largest corporate BTC holder, and calm markets.
Zach Pandl, Grayscale’s research head, argued that Strategy (formerly MicroStrategy), which holds over 800,000 BTC, should sell about $3 billion in Bitcoin to cover roughly two years of cash obligations on its STRC preferred stock and other liabilities.
In his view, this would do more to restore confidence than raising STRC’s dividend, which could add about $100 million in obligations over two years and still leave investors worried about future funding needs.
At current prices, $3 billion corresponds to tens of thousands of BTC, a size large enough to matter if sold quickly into spot markets but still a minority of daily global volume.
Analysts note BTC already faces stress from loss-driven selling and exchange inflows, with recent data showing large amounts of BTC moved to venues at a loss and Strategy’s own securities trading under pressure.
If executed abruptly, the sale could deepen short-term downside and widen spreads. If staged via over-the-counter or block trades, much of the impact could be absorbed by long-term buyers and ETFs.
BTC dipped as U.S. spot Bitcoin ETFs saw their seventh consecutive day of net outflows on June 26, with BlackRock’s IBIT alone accounting for $444.5 million in redemptions.
The move aligns with a hawkish shift from the Federal Reserve, which has raised its median 2026 rate projection. Furthermore, on-chain data shows visible Bitcoin demand has been negative for 208 days.
This suggests Bitcoin is facing headwinds from both tightening in traditional finance and a lack of fresh capital within its own ecosystem.
Technically, Bitcoin is testing a critical long-term support level at the 200-week simple moving average near $59,560. Technical traders reported that the Relative Strength Index (RSI) at 31.68 shows the market is oversold, which can precede a bounce.
The immediate trigger is ETF flow data. If selling abates and Bitcoin reclaims $61,500, it could target the 38.2% Fibonacci retracement near $68,052. Continued outflows and a break below $59,560, however, open the door to a test of the recent swing low near $58,075.
The market is at a pivotal technical level where buyer defense is crucial to prevent another leg down. A daily close above $60,500 would suggest exhaustion of short-term selling.
The combination of persistent institutional selling and macro uncertainty continues to weigh on Bitcoin, keeping it in a corrective phase. Bitcoin Price Slides to $59k as US Inflation Stokes Selloffs
