Bitcoin Plummets by 2% Amid $216M Sale by Largest Corporate Holder

Bitcoin's price has dropped by 2% to around $61,000 after Bitcoin Strategy announced its largest sale of the cryptocurrency since 2020. The company sold 3,588 BTC worth a total of $216 million in two separate transactions.

The first sale took place between June 29 and June 30, with the company selling 1,363 BTC at an average price of $59,256 for a total of $80.8 million. The second sale occurred between July 1 and July 5, where Bitcoin Strategy sold another 2,225 BTC for $135.2 million.

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

Crypto analysts are predicting a bigger crash ahead for Bitcoin. Crypto Rover pointed out that the last time Bitcoin Strategy sold a smaller amount of BTC, it dropped by 20% in a week. This latest sale is more than 112 times larger than that previous sale.