Bitcoin drops after a run at $64,000, shrugging off Strategy’s $213 million BTC sale
The token touched $64,400 overnight before easing back, still up about 6% on the week. A fresh missile strike on a Qatari gas ship in the Strait of Hormuz lifted oil and tested the late-June peace deal as Asian tech sold off again.
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Summary
- Bitcoin is holding in the low $63,000s after a brief push above $64,000, extending a roughly 6 percent weekly gain despite a large sale by Strategy that the market largely absorbed.
- The rebound from late-June lows near $58,000 comes as institutional futures activity has thinned and downside options protection has become unusually expensive, leading some derivatives traders to see signs of a late-stage washout.
- Rising oil prices after a fresh attack near the Strait of Hormuz and renewed weakness in Asian tech shares add macro uncertainty, even as bitcoin has recently decoupled from sliding AI and chip stocks.
