BlockBeats News, July 7th. Crypto Quant analyst Axel Adler Jr. posted that Strategy (formerly MicroStrategy) recently sold 3,588 BTC, valued at approximately $216 million, marking the largest Bitcoin sale in the company's history. However, the market did not experience a significant drop, and the BTC price remained around $63,000.

This is the first large-scale net sell-off by Strategy since December 2022. The sale was completed in two parts: selling 1,363 BTC at an average price of around $59,256, cashing out $80.8 million, from June 29th to 30th; and selling 2,225 BTC at an average price of around $60,773, cashing out $135.2 million, from July 1st to 5th, totaling approximately $216 million.

This sale was mainly used to meet obligations related to preferred stock and to replenish the USD reserves, indicating no shift in Strategy's long-term Bitcoin strategy. The company currently holds about 847,775 BTC and USD reserves of around $2.55 billion. The scale of this sale accounts for only about 0.4% of its holdings, leaning more towards liquidity management rather than a signal of divestment.

From the derivatives market perspective, the news of Strategy's sale led to a notable cooling of sentiment in the Bitcoin futures market. The composite market index dropped from around 80 in the bullish zone on July 6th to 32.6, entering the bearish territory, briefly nearing 20, indicating leveraged funds are shifting towards defense. However, Bitcoin's price reaction has been limited, staying above the fair value on the 30th. The market tends to view this sale as a passive liquidity operation rather than Strategy beginning a systematic Bitcoin exit.

The market is currently in a "cautiously neutral" state, with price performance remaining relatively stable, but derivatives positions have significantly weakened. If the composite market index rebounds above 55, it may signal a return of market risk appetite; if it stays below 45 for an extended period, it may further pressure BTC to drop below the fair value level.