Bitcoin climbed above $64,200 in early trading on Friday, July 10th, strengthening its recovery even as Strategy sold Bitcoin at a loss. The token's resilience came despite the major institutional sale, with traders showing renewed confidence after initial pullback concerns. According to AMBCrypto, holding above this level into next week could reinforce the recovery, though the bigger question remains who has been selling into the rally and at what price levels.
Strategy confirmed selling 3,588 BTC for $216 million to fund dividends on its Digital Credit securities, with the sale occurring near $60,000, around 20% below Strategy's average acquisition price of $75,476. In a regulatory filing, the company revealed multiple sales last week totaling 3,588 bitcoin, with the first transaction selling 1,363 bitcoin between June 29 and June 30 for $80.8 million at an average price of $59,256, followed by an additional 2,225 bitcoin between July 1 and July 5 for $135.2 million at an average price of $60,773. This marked the firm's second time shedding bitcoin this year and represented a further reversal of earlier promises to never sell. The company now holds 843,775 Bitcoin and $2.55 billion in U.S. dollar reserves after the sale, with Strategy raising the annual dividend rate on STRC perpetual preferred stock to 12% from 11.5%. According to CryptoQuant analyst Darkfost, the sales reflected liquidity needs rather than a change in Strategy's long-term outlook.
The same data highlighted that retail activity may now carry greater influence over Bitcoin's direction, as most retail holders remain in profit at current prices. According to CryptoQuant, retail investors realized Bitcoin near $60,900, while Binance-linked addresses held an average cost basis around $57,000. By comparison, Strategy realized its recent sales at $65,721, leaving the company with an overall realized loss of 13.06%. Binance recorded only about $35.5 million in net buying, a relatively small margin that kept the market only modestly bullish. This thin buying pressure suggested buyers had yet to fully absorb potential selling from profitable retail holders, with profit-taking becoming increasingly likely as Bitcoin approaches levels well above its average entry.
Bitcoin rebounded after Strategy sold 3,588 BTC for about $216 million to fund dividends, with Bitwise CEO Hunter Horsley summing up the move by stating "Bitcoin wants to be higher." According to Bitwise, the asset recovery suggests traders did not treat the sale as a broad exit signal, with the token showing resilience after initial pullback. At the time of writing, BTC traded around $63,200, with an intraday high near $64,435 and a low near $61,350. The recovery came despite the major sale, with buyers returning after the first reaction to limit panic around corporate treasury selling pressure.
Key on-chain metrics indicated market stabilization after recent fluctuations, with buying interest returning to Bitcoin. According to The Economic Times, Ethereum traded around $1,813, up 1.58%, supported by stronger network activity and the network continuing to host nearly $153 billion in stablecoin supply. The network continues to see sustained Ethereum withdrawals from exchanges, suggesting lower near-term selling pressure. Riya Sehgal, Research Analyst at Delta Exchange, noted that Bitcoin has moved back near $63,000, but the technical setup needs confirmation, with a 4-hour close above $64,000–$64,300 improving the structure. The global crypto market capitalisation edged down 0.3% to $2.18 trillion, while Bitcoin ETFs witnessed 8 straight weeks of outflows.
Bitcoin climbed to $64,183.5, up 1.7%, after President Donald Trump spoke positively about cryptocurrencies during a historic event at the Oval Office. Trump was joined by representatives from the New York Stock Exchange and Nasdaq to jointly ring the opening bell, marking the launch of Trump Accounts, a government initiative providing investment vehicles for U.S. children. When asked about potential bitcoin inclusion in Trump Accounts, Trump responded "well...I've become a big crypto guy." He called himself a "fan" of cryptocurrencies and stated he was "very much for" it, adding that he hadn't been initially supportive but embraced crypto due to concerns about China potentially controlling it. This positive sentiment helped offset earlier pressure from Strategy's major Bitcoin sale.
