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Strategy Sells 3,588 Coins & Bitcoin Pumps?!
Strategy announced yesterday that the company sold 3,588 Bitcoin last week, generating $216M in cash. The company’s stated purpose was to replenish its dollar reserves for its preferred stock payments (e.g. STRC).
Currently, Strategy holds 843,775 Bitcoin, acquired at an average price of $75.4K per coin. The company’s USD reserve stands at $2.55B, which covers 17 months of dividend payments. Strategy holds $52B in Bitcoin with $7B in debt (i.e. the company’s current Bitcoin leverage is approximately 1.16X).  Back to yesterday’s announcement, the most interesting part was the market’s reaction — which ironically was bullish. Bitcoin dropped $2K when the news was first released, but then the asset reversed and pumped $3.5K to $64,600. Thus, yesterday’s price action stands in stark contrast to Strategy’s first disclosed sale of the cycle, back on June 1st, when a 32 BTC sale coincided with a sharp technical breakdown that sent prices from $73K to $59K.
Now here’s the million dollar question: why was this sale ironically bullish for Bitcoin?
Our view (discussed last week) is because Strategy’s pivot to being an opportune Bitcoin buyer and seller is extremely healthy for Bitcoin and the related digital credit ecosystem, and the market knows that. Strategy’s signal that they won’t infinitely lever up their Bitcoin reduces long-term risk. It’s as simple as that. Moreover, Strategy’s pivot likely increases confidence for STRC holders, and that increased confidence paves the way for more Bitcoin purchases in the future.
US BTC ETF Inflows Positive for Consecutive Two Days
The spot Bitcoin ETFs posted inflows for a second straight trading day, with $265M in inflows yesterday and $223M on Friday.
Friday’s positive result snapped a 10-day losing streak that had drained more than $2.7B from the funds. May and June were extremely rough for the ETFs, with basically all but a handful of days posting outflows. In fact, June recorded the largest monthly outflows on record, with $4.3B flowing away from the products.  The combined AUM of all the ETFs peaked at $167B on October 7, 2025. That number is $79B, currently.
But as we’ve been discussing for the last few weeks, the ETF flow data remains a key indicator at this point in the cycle. We believe that a shift from sustained outflows to neutral or modestly positive inflows likely provides signal that the price has bottomed for the cycle.
This Week’s Economic Calendar & Data
Last week, we got a mix of US economic and employment data prints, with most of the prints showing a slightly cooling economy and weakening labor market, respectively.
This week, we’ve got fresh data on the US services sector and FOMC minutes, amongst other prints. Here’s the highlights.  ● S&P Global Services PMI for June (Yesterday): Measures activity in the US services sector, which makes up the bulk of the economy. The print came in at 51.2, slightly below both the forecast and previous reading of 51.3. This print signals continued growth, but at a slightly slower pace.
● ISM Non-Manufacturing PMI for June (Yesterday): Another services sector gauge. The print came in at 54.0, slightly below the 54.2 forecast and 54.5 previous reading. Another sign of slightly slowing growth.
● Initial Jobless Claims (Thursday, 8:30 am ET): Weekly measure of new unemployment filings. Rising claims signal a softening labor market. The forecast is 218K, up slightly from the previous 215K reading.
● Existing Home Sales for June (Thursday, 10:00 am ET): The number of previously owned homes sold. A higher number of sales signals a stronger economy. The forecast is 4.2M, compared to the previous 4.17M reading.
● FOMC Meeting Minutes (Thursday, 2:00 pm ET): Details from the Fed’s most recent meeting. Markets will look for insights into how officials are assessing inflation, the economy, the labor market, and interest rates going forward.
These releases will be watched closely within the context of sticky inflation and a labor market that’s showing gradual signs of cooling.
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