The largest corporate holder of Bitcoin, Strategy, has faced the need to record a loss amid a forced sale of part of its reserves. Meanwhile, the average purchase price of BTC for Binance exchange users remains noticeably lower, raising the question of which of these two major players is in a more vulnerable position.
This week, Strategy executed the largest Bitcoin sale in its history. According to on-chain analytics data, the company sold 3,588 BTC for approximately $216 million to fund dividend payments on its Digital Credit securities. Given that the average purchase price of this package was $75,476 and the sale occurred around $60,000, the transaction resulted in a loss of about 20%.
It is important to understand the nature of this move. The sale was driven by a need for liquidity, not a change in management's market convictions. Despite this, Strategy remains a dominant player, holding 843,775 BTC on its balance sheet. For comparison, Binance exchange's own reserves amount to 656,561 BTC. This clearly demonstrates the scale of corporate accumulation relative to the world's largest trading platform.
Comparison of Price Levels
The key conclusion of the analysis lies in the difference in the average entry price. For Bitcoin holders on Binance, the realized price (the average cost of all coins on the exchange's wallets) is around $60,900. This is significantly lower than the cost basis of Strategy's assets. Thus, the average Binance user is much closer to the breakeven point than the institutional giant.
The current market price of Bitcoin is hovering near $60,000. For Strategy, this means a significant portion of its portfolio is "underwater." For holders on Binance, the situation is less critical, but the selling pressure from a major player recording a loss creates an additional backdrop.
Spot Demand Weakens
The picture is complemented by an analysis of the spot market. The 90-day Spot Taker CVD (Cumulative Volume Delta) indicator, which reflects who controls the market—real buyers or sellers—has returned to a neutral zone. This suggests that the aggressive demand that previously supported Bitcoin is beginning to wane.
Analysts note that for sustained growth, active spot demand is currently insufficient. If the indicator turns "green" again, it will signal the return of buyers and could strengthen the upward movement. If it moves into the "red" zone, selling pressure will increase, and Bitcoin may enter a new wave of correction.
Expert opinion from Cryptalist: The situation is shaping up to be alarming. Strategy's forced sale at a loss around $60,000 is a clear signal of liquidity needs, not a "bearish" sentiment. But the combination of this event with weakening spot demand creates a vulnerable structure. The market is currently searching for direction, and the absence of real buyers means there is simply no one to absorb such supply. If spot demand does not return, holding current levels under pressure from such sales will become an extremely difficult task.