Strategy's Bitcoin Sell-Off Sends Shockwaves Through Crypto Markets

Strategy, one of the largest institutional holders of Bitcoin, has unexpectedly sold 3,588 BTC for $216 million, sending shockwaves through the crypto markets.

The sale represents less than 0.5% of Strategy's total holdings, but marks a significant departure from its long-held 'diamond hands' stance on Bitcoin.

Michael Saylor, Executive Chairman of Strategy, had previously pledged to never sell Bitcoin in an interview with CNBC, and the company has been seen as a key buyer of last resort during market downturns.

The sale was executed over six days in mid-July, with prices ranging from $59,200 to $60,800 per coin.

Strategy's total Bitcoin holdings now stand at approximately 843,775 BTC, valued at more than $50 billion under prevailing spot prices.