Bitcoin quickly rebounded after plunging in intraday trade following Strategy’s announcement of a large sale.

According to blockchain outlet U.Today on Sunday, Bitcoin slipped below $62,000 right after Strategy disclosed it sold 3,588 BTC for about $216 million, but later recovered to around $64,000.

The sale amplified market shock because Strategy, Michael Saylor’s company, sold bitcoin it holds. The company’s shares also fell 4 percent in premarket trade.

The bitcoin market, however, quickly absorbed the selling. Hunter Horsley (헌터 홀슬리), chief executive of Bitwise, briefly assessed recent moves by saying, "Bitcoin wants to be higher."

Behind the market response was a shift in Strategy’s financial position. Strategy still holds 843,775 BTC and is also building up $2.55 billion in dollar cash-like reserves. The sale reduced its bitcoin holdings, but expanded its cash capacity.

The macro environment was also cited as a factor supporting bitcoin’s price. As recent U.S. jobs indicators softened, expectations for interest rate cuts by the Federal Reserve grew, and bitcoin was assessed as holding up relatively well against these macro swings. The short-term trend remains bullish, but exchange-traded fund (ETF) flows and market positioning remain headwinds.

Another analysis said the sale eased market concerns beyond simply raising cash. Jack Pandl (잭 판들), head of research at Grayscale, said Strategy’s recent steps could restore market confidence in its funding structure and help bitcoin find a "more solid floor." He viewed Strategy’s balance sheet itself as solid, but said shifts in the market environment increased uncertainty.

As of the end of May, Strategy’s dollar cash reserves had fallen to about $870 million. That was enough to cover preferred dividend payments for only about 6 months, and the market had been watching whether the company would sell new shares at a low valuation, sell bitcoin, or increase the burden on preferred shareholders.

That uncertainty was partly resolved in late June when Strategy introduced a new framework for managing funds. With the additional $216 million bitcoin sale, dollar reserves rose to $2.55 billion, and the period over which it could meet preferred dividend obligations lengthened to about 17 months.

As a result, the market appears to interpret the sale less as a signal of bitcoin weakness and more as a step to reduce Strategy’s financial risk. Bitcoin’s quick recovery despite selling by a large company suggested prices may, for the time being, respond more sensitively to funding structures and shifts in supply and demand than to macro factors.

Bitcoin wants to be higher