Strategy's bitcoin purchase fails to stir BTC price
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin trades near $62,600, essentially flat, after Strategy purchased 1,550 BTC for $101 million — roughly 48 times the 32 BTC it sold in the final days of May
- Strategy now holds 845,256 bitcoin, cementing its position as the largest publicly listed BTC holder
- ZeroStack CEO Daniel Reis-Faria says demand still appears on dips but investors lack the conviction seen earlier this year, with attention locked on U.S. inflation data and next week's FOMC meeting
- Derivatives data shows crypto liquidations fell 48% to $301 million while open interest held flat near $103 billion, indicating the most aggressive leverage has already been flushed from the system
Why it matters: Strategy's purchase — 48x larger than the BTC it just offloaded — couldn't move bitcoin off $62,600, underscoring how a risk-off mood ahead of next week's FOMC has sidelined buyers. With liquidations already down 48%, the market's excess leverage is largely gone, leaving it thin and reactive to incoming inflation data.
Ask SkimNews
