Bitcoin Price Drops After Strategy Sells Record-Breaking $216 Million Worth of BTC

Bitcoin's price has dropped by 2% to nearly $61,000 after the largest corporate holder of Bitcoin Strategy sold 3,588 BTC worth $216 million. This is the company's biggest Bitcoin sale since 2020.

The funds from the sale will be used to pay quarterly dividends on its STRF, STRE, STRK, and STRD preferred stock. Despite this sell-off, Strategy remains the world's largest corporate Bitcoin holder with 843,775 BTC and around $2.55 billion in cash reserves.

Popular crypto analyst Crypto Rover pointed out that the last time Strategy sold a small amount of Bitcoin worth $2 million, it dropped by 20% in a week. Now, the company has sold over 112 times more than that at $216 million.

Crypto analyst Ali Martinez also noted that Bitcoin has flashed a TD Sequential sell signal at the same time Strategy announced its sale.