Market tension is rising after Strategy, which holds a large amount of bitcoin, secured a legal basis that could allow it to sell up to $1.25 billion of bitcoin. The company did not announce an immediate sale plan. Still, attention is focused on the potential market impact of formally securing the option to liquidate holdings.

A blockchain outlet, U.Today, reported on June 30 that veteran trader Peter Brandt (피터 브랜트) warned of further selling. “If an actual sale takes place, this would only be the first round of supply coming to market,” he said.

The core of the change is that Strategy has not said it will dispose of bitcoin immediately. Still, with a new capital structure, its board has left open a path to sell part of its holdings if needed. That has led to assessments that the principle long emphasised by Michael Saylor — “never sell bitcoin” — is no longer an absolute standard.

Brandt pointed to worsening financial conditions as the backdrop. He analysed that in 2026, a decline in bitcoin prices significantly reduced the valuation of Strategy’s 847,000 BTC holdings. He also said its average purchase price is above the current market price, pushing unrealised losses beyond $14.3 billion.

Pressure is also growing in the stock market. Strategy shares are trading at about a 38 percent discount to net crypto asset value, and its market capitalisation has fallen to $30.9 billion. Debt burdens that had been expanded to buy bitcoin aggressively in a bull market are also continuing. In particular, STRD’s yield rising to 18 percent is seen as an indicator that funding costs and debt burdens have increased sharply.

Brandt forecast that if Strategy uses the newly secured sale mechanism, a $1.25 billion sale may only be a first step to secure short-term liquidity. He said if bitcoin stays at low levels for an extended period, additional asset sales could follow and spread into a long-term liquidation phase.

Assessments also say market conditions are not favourable. Bitcoin is trading around $58,922 and is maintaining a technically weak trend, including moving below the 200-week moving average. Investor sentiment is also being analysed as nearing an extreme fear zone.

Brandt singled out $58,000 as a key support level. If that level breaks, he said, the legal framework Strategy put in place could become a trigger for actual large-scale selling rather than a simple safety device. He also warned that during periods of reduced market liquidity, such as in summer, large sell orders could further increase price volatility.

Ultimately, the key is not whether an actual sale occurs, but that Strategy has established an institutional foundation to liquidate its bitcoin holdings as needed. The market is closely watching whether the measure will remain a one-off response or become the start of a prolonged selling phase if debt repayment burdens and bitcoin price moves interact.