Lookonchain
Strategy sold 3,588 $BTC, roughly $216M at an average price of $60,197, last week, the largest disposal by Michael Saylor's firm in recent memory. The sale landed in a cooling market: total stablecoin supply dropped $1.45B over the same window, the second consecutive weekly contraction.
Meanwhile, Tom Lee's Bitmine continued its accumulation streak, adding another 42,197 $ETH (about $74M) on top of weeks of prior buying. Seven other public-company treasuries trimmed a combined 166.5 $BTC ($10.32M) last week, a quieter pace of de-risking relative to Strategy's move.
Why it matters
Strategy is the original and largest corporate BTC holder, and any disposal from that treasury reads as a structural signal even when the dollar size is modest against its overall stack. The stablecoin contraction adds a second bearish beat: stablecoin supply is a proxy for sidelined dry powder, and two down weeks in a row suggests capital is leaving the crypto side of the market rather than rotating between tokens.
Market impact
Bitmine's continued ETH accumulation stands in contrast to the broader cooling. ETH-specific buyers stepping in while stablecoin supply and the BTC corporate bid both soften points to a narrow bid rather than a broad risk-on rotation. Watch next week's stablecoin supply print: another decline without an ETH-led rally would confirm the cooldown is sector-wide rather than a BTC rotation.
Frequently asked questions
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Why is Strategy's BTC sale significant?
Strategy is the original and largest corporate BTC treasury. Any disposal from that stack reads as a structural signal even when the dollar size is modest against the firm's overall position.
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How much stablecoin supply declined last week?
Total stablecoin market cap fell by $1.45B during the week of June 29 to July 5, 2026, marking the second consecutive weekly contraction.
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How much ETH did Bitmine accumulate?
Tom Lee's Bitmine added 42,197 ETH, worth roughly $74M, extending its multi-week accumulation streak.
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Did other public companies also sell BTC?
Seven other public-company treasuries trimmed a combined 166.5 BTC, worth roughly $10.32M, a quieter pace of de-risking relative to Strategy's move.
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What does a stablecoin supply decline indicate?
Stablecoin supply is a proxy for sidelined dry powder in crypto. Two consecutive weekly declines suggest capital is leaving the crypto side of the market rather than rotating between tokens.
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