Strategy’s $5 Billion Bitcoin Sell-Off Plan Sparks Fresh Downtrend in BTC
On August 1, 2026, Bitcoin dropped 2.9% to $62,885, pressured by Strategy's plan to sell up to $5 billion in Bitcoin following weak earnings. The move coincided with hawkish Federal Reserve dissent, disappointing Coinbase results, and stalled crypto legislation, intensifying selling pressure and market fear. Despite increased futures open interest suggesting leveraged longs rebuilding, Bitcoin remains in a downtrend near key support, with traders eyeing early August for a potential bottom.