Strategy’s average Bitcoin purchase price is significantly higher than the cost basis of BTC held on Binance. According to CryptoQuant analyst Darkfost, the company recently completed the largest Bitcoin sale in its history, realizing a loss of approximately 20%.
Strategy sold 3,588 BTC for roughly $216 million to fund dividend payments on its Digital Credit preferred shares. With an average purchase price of $75,476 and an average selling price of around $60,000, the transaction resulted in an estimated loss of about 20%.
Strategy Sold Bitcoin to Meet Liquidity Needs
According to Darkfost, the sale was driven by the company’s need for liquidity rather than a change in its long-term conviction in Bitcoin.
Despite the transaction, Strategy remains one of the most influential corporate participants in the crypto market and continues to hold 843,775 BTC.
That figure is even larger than Binance’s Bitcoin reserves, which total approximately 656,561 BTC. The comparison highlights the enormous scale of Strategy’s holdings relative to the world’s largest cryptocurrency exchange.
Darkfost noted that Binance holds nearly 30% of all Bitcoin stored on centralized exchanges, representing a substantial share of the BTC available across platforms serving both retail and institutional investors.
However, the estimated realized price of Bitcoin held on Binance is approximately $60,900. This is considerably lower than Strategy’s average acquisition price, meaning the average Binance holder is currently much closer to breakeven than the company.
Bitcoin Spot Demand Is Losing Momentum
Analysis from Rahim Joshar adds another layer to the market outlook. Joshar examined Bitcoin’s 90-day Spot Taker CVD, an indicator used to assess whether aggressive buyers or sellers are dominating spot-market activity.
Green areas on the chart indicate buyer dominance, while red areas reflect stronger selling pressure. According to Joshar, the intense spot buying that previously supported Bitcoin’s price has begun to fade, with the indicator now returning to neutral territory.
This does not mean buyers have completely left the market. However, there is currently not enough aggressive spot demand to drive a meaningful and sustained price increase.
Joshar outlined two potential scenarios. If the indicator moves back into green territory, it could signal the return of genuine spot demand and support a stronger recovery. If it turns red, selling pressure may increase and push Bitcoin into another downward move.
The analyst said Bitcoin is currently searching for direction, with the next major move likely to depend on whether spot buyers return. He emphasized that sustainable rallies are generally supported by genuine demand rather than excessive leverage.
Large Sales Could Pressure a Weak Market
The two analyses point to the same underlying vulnerability from different perspectives.
Strategy’s decision to sell Bitcoin at around $60,000 and realize a significant loss shows that even the market’s largest corporate holder may be forced to liquidate part of its position when it needs cash.
At the same time, weakening spot demand suggests there may not be enough aggressive buying to absorb large amounts of incoming supply.
If genuine buyers do not return, Bitcoin could struggle to maintain its current price levels under continued selling pressure.
