Joao Wedson, founder of crypto analytics firm Alphractal, analyzed that although Strategy (NASDAQ: MSTR), the largest corporate holder of Bitcoin, announced it sold 3,588 BTC (approximately $226 million at current market prices) the previous day, the Bitcoin spot price maintained a strong trend without significant fluctuations. He explained, "Strategy sold a large amount of BTC for the first time since 2022. Nevertheless, the amount sold was only 0.4% of its total holdings, and the market perceives this as a liquidity management sale to meet payment obligations related to preferred shares. However, repeated or larger-scale sales could be a negative signal for the market." He added, "Due to this sale, the Integrated Market Index in the derivatives market plummeted from bullish to bearish territory, and investor sentiment in the derivatives market clearly contracted."
