CoinDesk
Strategy, the largest corporate holder of bitcoin, told markets on Monday it may sell more than $1 billion of the token under a new financing program, a striking reversal of founder Michael Saylor's long-standing refusal to part with any of the company's stash. The disclosure landed as a surging U.S. dollar, propelled by the Japanese yen's slide past 162 per dollar to its weakest level since 1986, kept bitcoin pinned below its 200-week moving average at roughly $59,500, a line it has now sat below for weeks.
Why it matters
The strategy shift by Strategy is the headline, but the macro backdrop is what tightens the grip. A stronger dollar makes dollar-priced assets like bitcoin costlier for foreign buyers and tends to pull capital out of risk trades funded by cheap yen borrowing. The yen has been sliding for months and pressure is mounting on Japanese authorities to step in, a move some warn could unwind the carry trades that have funded risk-taking worldwide. With strategy potentially selling into a market that is already thin, the marginal-buyer math gets harder.
Market impact
The week's damage ran broad. Ether fell 8.2% over seven days to about $1,587, XRP dropped 7.1% to $1.04 and dogecoin slid 11.9% to $0.072, the worst of the majors. BNB lost 6.5%. Solana bucked the trend with a 2.9% weekly gain to $74, and Hyperliquid's HYPE added 7% on the day to finish the week roughly flat. Onchain, Glassnode data showed muted demand across the board, with active addresses around 618,000, transfer value near $4.2 billion and shrinking transaction fees, three readings pointing to subdued rather than surging activity. The next tests are whether the dollar's climb stalls, whether Japan intervenes, and whether Strategy's program converts from optionality into actual selling.
Frequently asked questions
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Why is bitcoin stuck below $60,000?
A surging U.S. dollar, driven by the yen's slide past 162 to its weakest level since 1986, is making dollar-priced assets costlier for foreign buyers and pulling capital out of risk trades. BTC has held below its 200-week moving average at roughly $59,500 for weeks.
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What did Strategy announce about bitcoin sales?
Strategy said Monday it may sell more than $1 billion of bitcoin under a new financing program to shore up its finances. The plan is a reversal of founder Michael Saylor's long-standing refusal to part with any of the company's stash.
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Which altcoins were hit hardest this week?
Dogecoin fell 11.9% to $0.072, the worst of the majors. Ether lost 8.2% to about $1,587, XRP dropped 7.1% to $1.04, and BNB slid 6.5%. Solana and Hyperliquid's HYPE were the outliers in positive territory.
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What do onchain metrics say about demand?
Glassnode data showed active addresses around 618,000, transfer value near $4.2 billion just above the bottom of its recent range, and shrinking total transaction fees. The three readings point to subdued rather than surging activity even with prices lower.
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What could break the current crypto range?
The next tests are whether the U.S. dollar's climb stalls, whether Japan intervenes to halt the yen's slide, and whether Strategy's financing program converts from optionality into actual bitcoin selling.
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