Strategy’s 6,948 BTC sales were a narrative risk: Bitfinex

Strategy’s two-week pause in Bitcoin sales has removed a three-month sentiment barrier after the company disposed of 6,948 BTC between late May and early August, according to Bitfinex analysts. Summary Strategy reported no Bitcoin transactions for a second consecutive week. The company raised $2.01 billion by selling MSTR shares instead. Its 840,447 BTC are profitable with Bitcoin trading above the $75,385 average cost. Bitfinex said the earlier sales affected market sentiment more than Bitcoin’s available supply. Bitfinex analysts said in an Aug. 28 report that Strategy’s 6,948 BTC in disposals were small compared with daily spot trading volume, but the company’s status as the largest corporate Bitcoin holder gave each weekly sale added weight among traders. “The largest corporate holder is selling” became a recurring bearish argument between May and August, the analysts said. Although the sales did not create a large supply shock, each Monday filing left open the possibility that more coins could reach the market. Strategy’s latest Form 8-K, covering Aug. 17 through Aug. 23, reported no Bitcoin purchases or sales. The filing was the second consecutive weekly disclosure with no ch...