Ether, solana and dogecoin slide as Strategy's bitcoin sales plan pressures market
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- Bitcoin hovered around $59,514, down 0.3% over 24 hours and 7% on the week, holding below its 200-week moving average after sitting on that long-term line all month
- Ether fell 8.2% over seven days to about $1,587, XRP dropped 7.1% to $1.04 and dogecoin slid 11.9% to $0.072—the worst performer among major tokens—while BNB lost 6.5%
- Solana bucked the trend, up 3% on the day and 2.9% on the week to $74, and Hyperliquid's HYPE bounced 7% on the day to leave it roughly flat for the week
- The Japanese yen slipped past 162 per dollar, its weakest level since 1986, pushing the U.S. dollar higher and making dollar-priced assets costlier for foreign buyers
- Onchain demand stayed muted according to Glassnode, with active addresses around 618,000, network transfer value near $4.2 billion, and shrinking transaction fees all pointing to subdued activity
- Strategy, the largest corporate holder of bitcoin, said Monday it may sell more than $1 billion in bitcoin under a new program to shore up its finances—a reversal of founder Michael Saylor's long-standing refusal to sell
Why it matters: Strategy's potential sale reverses founder Michael Saylor's long-standing refusal to sell, layering fresh corporate supply onto a market already thinned by muted onchain demand and a surging dollar. The next pressure point is whether the yen's slide past 162 per dollar forces Japanese intervention to prop it up.
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