Strategy Expands Bitcoin Holdings by 2.85% of Total Supply, Price Unmoved

Michael Saylor’s Strategy, a leader in corporate Bitcoin (BTC) treasury management, recently expanded its holdings by acquiring 4,980 BTC, valued at approximately $531.9 million. This purchase, announced on June 30, brings the company's total BTC holdings to 597,325, representing a significant 2.85% of the total Bitcoin supply. In the first half of 2025 alone, Strategy acquired 170,038 BTC, which accounts for 35% of its total holdings.

Despite this substantial investment, Bitcoin's price showed minimal reaction. The cryptocurrency briefly reached $108,000 on Sunday but dropped over 2% as July began. This lack of movement indicates that other market forces are currently outweighing the impact of corporate demand. Notably, Bitcoin has demonstrated resilience during geopolitical tensions, such as the escalations between Iran and Israel, but has failed to break higher even as tensions eased and ETF inflows surged above $11 billion.

Onchain analysts have identified that the pressure on Bitcoin is coming from long-term holders (LTH) and whale sell-offs. According to a Glassnode analyst, LTHs with holding periods of over one year sold approximately $800 million daily in early June. Additionally, whales offloaded around $440 million on average during the same period, adding to the downward pressure on Bitcoin's price. The early July retracement also appeared to be influenced by falling demand from U.S. investors, as indicated by the Coinbase Premium Index, which dipped slightly and hovered above zero without suggesting aggressive buying.

Overall, Bitcoin continues to face sell pressure from whales and LTHs, which is offsetting the demand from Strategy, other treasury firms, and ETFs. This dynamic highlights the complex interplay of market forces influencing Bitcoin's price movements, despite significant corporate investments. The market's reaction to Strategy's purchase underscores the broader challenges facing Bitcoin, as other factors such as geopolitical tensions and investor sentiment play a crucial role in determining its price trajectory.