Bitcoin drops after a run at $64,000, shrugging off Strategy's $213 million BTC sale
Bitcoin prices fluctuated around $63,000 after a brief rally, showing resilience despite a significant $216 million sale by Strategy. Market analysts suggest that while institutional interest has waned, the high cost of downside protection indicates that the market may have already priced in the worst of the recent volatility.
Bitcoin traded around $63,170, per CoinDesk data, after touching $64,400 in the early hours and slipping back. The move came despite Strategy's disclosure this week that it sold 3,588 bitcoin for about $216 million, its largest sale since abandoning its never-sell stance, which the market largely absorbed without breaking the recovery.
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