Bitcoin fell below $64,000 on Aug. 10, reversing an intraday high of $65,416, as Strategy sold 1,690 BTC from its treasury. The drop cut bitcoin's market capitalization by nearly 2% to $1.28 trillion and triggered over $47 million in liquidations of long leveraged positions.
Bitcoin's slide
Bitcoin touched $65,416 earlier in the session before turning lower. By the time the dust settled, the price had slipped under $64,000, a swing of more than $1,400 from the high. The move wasn't isolated to the spot market. Derivatives traders felt it too.
Leveraged longs wiped out
Over $47 million in long positions were liquidated as the price dropped. That's a meaningful chunk of leverage that got flushed out in a single session. For traders who were betting on a continued rally, the timing couldn't be worse.
Strategy trims its stack
Strategy, the bitcoin-heavy corporate holder, sold 1,690 BTC. The company didn't say why, and the sale comes as the price was already under pressure. It's a notable move for a firm that has historically been a buyer, not a seller. The exact timing of the sale wasn't disclosed.
