Bitcoin slid to $79,679 on Friday after U.S. military strikes hit Iranian vessels in the Strait of Hormuz, following attacks on three American warships. The geopolitical shock rattled markets, but despite the intraday drop, the asset is on track for its sixth consecutive weekly gain — up about 3% for the week.
Why the Strait of Hormuz matters
The U.S. strikes targeted Iranian vessels after a series of attacks on American warships in the critical oil and trade chokepoint. Crypto markets, already sensitive to macro shocks, reacted instantly. Friday's low of $79,679 marks a sharp reversal from earlier weekly highs, though the broader trajectory remains bullish.
Strategy Inc talks selling Bitcoin
Separately, Strategy Inc (NASDAQ: MSTR) signaled it may sell some of its Bitcoin holdings to fund dividend payments. The company didn't specify scope or timing. Founder Michael Saylor framed the potential sale in combative terms: the move is designed to 'rip your wings off' short sellers betting that MSTR would be forced to issue equity to cover dividends. The statement landed while Bitcoin's price was already under pressure from the military news.
What on-chain data shows
On-chain metrics tell a different story from the spot price. Large players are still accumulating Bitcoin, not distributing it. That pattern typically suggests confidence from institutional or whale wallets, even as retail and short-term traders react to headlines. The current sell-off may be more about noise than structural weakness.
Traders are watching for any escalation in the Strait of Hormuz — another strike or a diplomatic off-ramp could move prices sharply. For Strategy Inc, the market is waiting for a concrete filing or announcement on how much Bitcoin it might sell, and when. No deadline has been set, but the dividend payment schedule will force clarity soon.
