Bitcoin (BTC) fell from nearly $64,000 on Sunday to about $62,000 on Monday, and the primary trigger behind the move appeared to be a SEC disclosure showing Strategy’s largest ever sale of 3,588 BTC. The fuller explanation for the price action can be found deeper in the plumbing.

Sunday’s climb toward $64,000 was almost entirely futures driven. Net futures buying reached roughly $415 million for the day, capped by a single four-hour burst of about $687 million that force-closed some $33 million in bets against Bitcoin. Spot flows over the same session were slightly negative, and this gap matters since a rally with no cash buyers behind it rests on positions that can be forced to unwind at any moment.

Monday morning delivered the unwind, and it accelerated as Strategy’s filing landed. The largest corporate Bitcoin treasury holder sold BTC for $216 million to fund dividend payments, with a further $1.25 billion of sale capacity still untouched. 

Related: Bitcoin recovers from Strategy’s BTC sale, funding rates hit 9%: Are bulls back?

Following the news, Bitcoin futures flows swung to roughly $456 million of net selling in a single four-hour window. Liquidations hit both directions at once, roughly $42 million of bullish positions and $49 million of bearish ones. The Monday afternoon recovery looked different from Sunday’s rally as futures buying of about $568 million was joined, for the first time in days, by meaningful spot buying of about $143 million.

BTC/USD cumulative volume delta. Source: Hyblock

Through the price whipsaws, Bitcoin’s funding rate held firm in positive territory for over a week, including during Monday’s slide. With about $20.6 billion in open futures positions, the market’s leveraged optimism remains largely intact, but due to the funding rate and number of longs crowded into leveraged positions, the current setup is fragile.

BTC/USD open interest. Source: Hyblock

Two areas to keep an eye on are whether Strategy’s sale marks the beginning of a prolonged selling phase for the company and whether the unused $1.25 billion authorization will weigh on any rally. 

On Wednesday, the Federal Reserve releases minutes from its June meeting, with markets currently pricing in a 75.6% chance that rates will remain at 3.50%-3.75% in July. Any hawkish tone in the minutes may test crowded leveraged long positions, with pressure zones at $62,300 to $62,800 above the market and $61,000 and $59,500 below.

Ripple has received full authorization under the European Union’s Markets in Crypto-Assets (MiCA) framework after Luxembourg’s financial regulator granted the company a Crypto Asset Service Provider (CASP) license. The approval follows Ripple’s preliminary CASP approval earlier this year and, according to the company, completes its transition into the “post-transitional” MiCA regime.

The CASP authorization, combined with Ripple’s existing Electronic Money Institution (EMI) license, allows the blockchain payments firm to provide regulated crypto-asset services across the European Economic Area (EEA) under EU rules.

Key takeaways

• Ripple secured a CASP license in Luxembourg, completing its full MiCA authorization after preliminary approval in June.
• The authorization enables regulated crypto-asset services across the EEA, supported by Ripple’s existing EMI license.
• Ripple says it is among a relatively small group of firms fully authorized under MiCA.
• MiCA enforcement has begun across the EU, with ESMA maintaining an updated register of licensed providers and national regulators handling supervision.
• ESMA’s latest CASP register shows licensed providers rising to 280 after 37 firms were added following the July 1 transition deadline.

Ripple’s MiCA authorization and what it enables

Ripple said it has now obtained full authorization under MiCA after Luxembourg’s regulator granted it a CASP license. The company previously received preliminary approval in June, and Ripple framed the new authorization as the end of its transition period under the EU framework.

In a statement, Cassie Craddock, Ripple’s managing director for the United Kingdom and Europe, said the CASP authorization means Ripple is “fully compliant” with MiCA and prepared to scale its operations.

For market participants, the practical significance of a MiCA CASP license is that it positions a crypto-asset service provider to operate as a regulated entity inside the EU’s MiCA system. Ripple’s mention of its additional EMI license is notable because it reflects that the company is not relying solely on the crypto-asset authorization path; instead, it brings together licensing coverage that can support a broader regulated service offering.

From transition to enforcement: MiCA’s July 1 deadline

Ripple’s authorization comes after the EU’s MiCA transition period ended on July 1. Under the framework, firms offering regulated crypto-asset services in the bloc needed authorization; otherwise, they were expected to stop offering such services.

MiCA also introduces an important structural change for authorized providers: in many cases, a single authorization can support “passporting” across the EEA, reducing the need for separate approvals in each member state. That is the mechanism Ripple is effectively leaning on, given its statement that it can offer regulated crypto-asset services across the EEA.

While licensing outcomes have improved since the deadline, the enforcement phase is now active. ESMA coordinates aspects of supervision through the register of authorized entities, but the day-to-day regulatory enforcement is carried out by national authorities—meaning implementation and pressure levels can differ across EU member states.

ESMA register update: licensed CASPs rise to 280

According to ESMA’s updated register, the number of licensed crypto-asset service providers stands at 280. The figure increased from 243 a week earlier after 37 additional companies were added, including Standard Chartered, FalconX and Sygnum Europe, as reported in the coverage linked from Cointelegraph.

This incremental jump matters for investors and counterparties because ESMA’s register acts as a key reference point for determining which entities are authorized to operate under MiCA. However, the register’s growth also highlights the uneven pace of authorization as firms work through licensing processes close to major deadlines.

Not all major players secured authorization before July 1. The source notes that Binance withdrew its MiCA application in Greece ahead of the transition and said it would pursue authorization elsewhere while working toward compliance.

Regulators step up: Belgium highlights unauthorized providers

With MiCA moving into enforcement, regulators at the member-state level have begun taking action. Belgium’s Financial Services and Markets Authority (FSMA) has already started applying the new rules.

On Monday, FSMA identified six crypto-asset service providers that it said were operating without authorization and added them to its list of unauthorized crypto-asset service providers, according to the coverage linked from Cointelegraph. The regulator also issued warnings to consumers and market participants about unauthorized platforms, underscoring that the transition is no longer a planning phase—it is an active compliance test.

For users and institutions working with EU-facing crypto service providers, this is a reminder that regulatory status is becoming a central operational variable. Authorization and supervision may be decisive factors for risk management, counterparties, and product availability.

Looking ahead, the key watch items are how quickly the authorization gap closes across remaining providers, how national regulators interpret and apply MiCA enforcement in practice, and whether additional major exchanges and service platforms reach full CASP authorization under the EU framework.

Bitcoin miner TeraWulf is moving further into the artificial intelligence infrastructure race, signing a long-term data center deal with AI firm Anthropic and restructuring its ownership in a separate AI campus venture. The company said it expects the agreement to generate about $19 billion in contract revenue over 20 years.

In a separate transaction, TeraWulf also announced plans to sell its majority stake in an AI data center joint venture in Texas, with proceeds intended for reinvestment into wholly owned AI infrastructure projects. Following the announcements, TeraWulf shares rose by roughly 12% in Monday morning trading, extending a year-to-date gain of about 107%, according to Yahoo Finance data at the time of writing.

Key takeaways

• TeraWulf signed a 20-year data center lease with Anthropic, expected to bring roughly $19 billion in contract revenue.
• The Anthropic campus will be built at TeraWulf’s Justified Data site in Hawesville, Kentucky, with initial operations targeted for the second half of 2027 and full buildout in early 2028.
• TeraWulf plans to monetize its 50.1% stake in the Abernathy AI data center joint venture in Texas and reinvest the returned capital into wholly owned projects.
• The broader shift reflects how AI demand for power, cooling, and high-performance compute is creating new opportunities—and new capital requirements—for Bitcoin miners.

Anthropic deal ties up TeraWulf’s Kentucky capacity

Under the new agreement, Anthropic will lease a purpose-built AI data center campus at TeraWulf’s Justified Data facility in Hawesville, Kentucky. The site, which TeraWulf acquired in February, is designed to support 401 MW of critical IT capacity.

TeraWulf’s announcement outlines a phased ramp-up: initial operations are expected in the second half of 2027, with the full buildout targeted for early 2028. For investors, the timeline matters as it defines when revenue streams associated with the expansion can begin translating into cash flow, rather than relying solely on the pace of construction progress.

While AI data centers rely on different hardware from crypto mining, the underlying infrastructure requirements overlap in important ways—especially around power access and the ability to operate energy-hungry computing at scale.

Reinvesting by selling the Abernathy stake

Alongside the Anthropic lease, TeraWulf disclosed it has agreed to sell its 50.1% stake in the Abernathy joint venture. The Abernathy project is positioned as an AI data center development in Texas.

The buyer is an investor group led by Fluidstack, acting through the joint venture arrangement. TeraWulf said it expects the sale to return roughly $450 million of its investment, which the company plans to reinvest into AI infrastructure projects it owns outright.

From a strategy perspective, this move suggests TeraWulf is attempting to balance partnerships with majority control: monetizing some exposure through the sale, while channeling capital toward projects where it can hold full ownership and capture a larger share of long-term economics. Still, readers may want to track how management defines “wholly owned projects,” including their construction stages and financing assumptions, because capital structure and timing can materially affect risk.

Why AI is reshaping Bitcoin mining’s infrastructure playbook

TeraWulf’s shift arrives at a moment when demand for AI infrastructure is outpacing available computing capacity. Training and running large AI models require data centers equipped with high-performance chips, advanced cooling systems, and reliable electricity—conditions that can make power-rich locations increasingly valuable.

Bitcoin miners have an advantage in that they often already operate or control grid-connected sites, power arrangements, and related infrastructure built for energy-intensive workloads. That has encouraged a wave of diversification into AI and high-performance computing (HPC), even though the end-use hardware differs from typical crypto mining setups.

But the pivot to AI is not frictionless. Blocksbridge Consulting, in a June estimate cited by the article, suggested public Bitcoin miners pursuing AI infrastructure may require roughly $50 billion in near-term capital. The implication is straightforward: AI buildouts can demand materially higher spending than traditional mining facilities, increasing the importance of securing long-term contracts, managing construction schedules, and maintaining access to financing.

Industry momentum and the funding gap narrative

The broader pattern shows up in other miner-adjacent deals. Earlier coverage noted that HIVE Digital signed a three-year, $220 million agreement to supply GPU cloud infrastructure for Cohere through Bell Canada’s AI Fabric. In another example of miners tying up new power for AI-era workloads, IREN acquired Spanish data center developer Nostrum Group, a move that added about 490 MW of secured, grid-connected power as it pushed into the European AI market.

Taken together, these moves underline the tension in the sector: the same power and data center capabilities that make miners attractive for AI also make them targets for substantial reinvestment. With AI infrastructure costs high and timelines long, contract-backed revenue—such as TeraWulf’s Anthropic lease—can become a key differentiator in proving that miners can scale beyond speculation and into durable customer demand.

For now, the most important things to watch are execution milestones—especially whether the Kentucky campus stays on track for initial operations in the second half of 2027—and how TeraWulf deploys the capital returned from selling the Abernathy stake into new, wholly owned projects. The market will likely focus on whether miners can close the funding gap highlighted by analysts while converting AI infrastructure plans into steady, contracted cash flows.

Bitmine Immersion Technologies’ stock has climbed more than 4% after the company expanded its Ethereum treasury with another 42,197 ETH, even as Strategy shares slipped following a Bitcoin sale.

According to Bitmine, the company purchased 42,197 ETH between June 29 and July 3, increasing its treasury to 5,742,237 ETH. The company said those holdings now account for about 4.8% of Ethereum’s circulating supply, reinforcing its position as one of the largest corporate holders of the cryptocurrency.

The latest acquisition also expanded Bitmine’s staking portfolio. The company disclosed that 4,879,157 ETH, roughly 85% of its treasury, is currently staked, generating an estimated annual staking yield of around $235 million.

Investors welcomed the update, sending Bitmine’s shares up 4.28% to $14.98 at the time of writing after the stock traded as high as $15.04 during the session. The gains came despite weakness elsewhere among crypto-linked equities.

By contrast, Strategy fell 1.17% after selling 3,588 BTC to repurchase its STRC preferred stock. The opposite moves in the two companies suggest investors favored Bitmine’s expanding Ethereum treasury strategy while reacting cautiously to Strategy’s latest capital allocation decision.

Bitmine’s Ethereum strategy continues to attract investor attention

Bitmine has steadily positioned itself as an Ethereum-focused treasury company rather than a traditional mining business. Alongside growing its ETH reserves, management has continued increasing the portion of those assets committed to staking to generate recurring on-chain income.

The latest purchase comes ahead of Bitmine’s earnings report covering the April through June 2026 quarter, scheduled for July 29. According to Wall Street estimates, the company is expected to report about $45 million in revenue.

Separately, Bitmine Chairman Tom Lee has maintained an optimistic outlook for U.S. equities. Speaking during CNBC’s Squawk Box, Lee said companies reporting third-quarter earnings later this month are likely to exceed Wall Street expectations, adding that such results could support another leg higher for stocks.

Lee also reiterated his expectation that the S&P 500 could climb from around 7,500 to 8,000 before the end of 2026.

Technical indicators point to improving momentum

BMNR has staged a strong rebound after breaking above its recent consolidation range near $14.30. The latest rally has pushed the stock to the doorstep of its 20-period simple moving average around $15.94, which now serves as the first major resistance level.

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A sustained move above that average could open the way toward the 50-period moving average near $18.49. Even so, the stock remains below its 100- and 200-period moving averages, indicating that the longer-term trend has not yet turned bullish.

Momentum indicators have strengthened alongside the price recovery. The 4-hour MACD has completed a bullish crossover, while expanding green histogram bars indicate buying pressure has accelerated following the breakout.

Failure to hold above the recent breakout area near $15 could invite profit-taking and send the stock back toward support around $14.30, with the recent swing low near $13 remaining the next significant downside level if sellers regain control. 

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

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MicroStrategy peer Strategy has continued its capital reshuffle, selling 3,588 Bitcoin for $216 million to support preferred stock dividend payments and replenish cash reserves, according to a Monday SEC filing. The move reduces the company’s total Bitcoin holdings to 843,775, as Strategy seeks to balance shareholder payouts with ongoing exposure to the asset class.

The transaction also adds a new datapoint to the debate over whether major Bitcoin buyers will eventually be forced to liquidate holdings. Earlier this year, Strategy disclosed its first reported Bitcoin sale since a 2022 tax-loss transaction—raising scrutiny about what, if anything, could trigger further sales.

Key takeaways

• Strategy sold 3,588 BTC for $216 million, cutting its holdings to 843,775, per an 8-K filed with the SEC.
• The sales were executed in two price windows: 1,363 BTC at an average $59,256 and 2,225 BTC at an average $60,773.
• Strategy says the purpose was to fund preferred stock dividends and restore cash reserves, keeping payout obligations covered.
• Analyst coverage from Bernstein previously argued the company was unlikely to be compelled to sell due to its liquidity position.

Strategy’s latest Bitcoin liquidation and what it funds

In its 8-K, Strategy states that it sold 3,588 Bitcoin for proceeds totaling $216 million. After the sale, the company reported remaining holdings of 843,775 BTC. The filing frames the sell-down as part of a broader effort to manage near-term corporate obligations while maintaining a large Bitcoin position.

Strategy also broke out portions of the sales by timing and average execution price. It sold 1,363 BTC at an average price of $59,256 between last Monday and Tuesday, then sold 2,225 BTC at an average price of $60,773 between Wednesday and Sunday. Those details matter for investors assessing whether the company is selling opportunistically across specific windows or responding to cash needs that require market timing.

Why the sale matters for investors watching “forced selling” risk

Bitcoin sales by large holders can move sentiment—even when they are not tied to distress. The key question for the market has been whether Strategy’s capital plan could eventually lead to compelled liquidation, or whether the company has enough liquidity to prevent that outcome.

That question has been addressed in prior research cited by the article, including a report from Bernstein. Bernstein argued that Strategy was unlikely to be forced to sell its holdings, pointing to the company’s liquidity position and cash reserves. The report also estimated that Strategy had 17 months of cash coverage for dividend obligations and interest payments and described Strategy as a “balancing force” in a market where other major Bitcoin-related players have been net sellers.

From an investor’s perspective, this framing reduces the immediacy of “death spiral” style fears—though the latest sale shows Strategy is willing to convert some Bitcoin exposure into cash when the corporate calendar requires it. What remains uncertain is whether future dividend cycles or funding needs would lead to additional sell-offs, or whether this was a contained adjustment.

From Strategy’s first sale to a broader read-through

Earlier coverage noted that Strategy disclosed the sale of 32 Bitcoin in early June, described as its first reported Bitcoin sale since a 2022 tax-loss transaction. The updated 8-K expands the story from a small exception into a far larger cash-generating action.

The market implication is not automatically bearish. Large holders can sell for operational reasons without changing their long-term thesis, especially when they hold substantial Bitcoin inventories and manage liquidity through a mix of cash and structured funding. Still, the direction and size of future transactions will likely influence how traders interpret Strategy’s role in the broader Bitcoin flow picture.

What to watch next

Going forward, investors should track whether Strategy repeats similar sell-downs in subsequent dividend periods and whether additional SEC disclosures clarify the cadence of its cash-management plan. The most important signal will be how Strategy’s reported liquidity coverage and dividend funding needs evolve relative to the timing and scale of future Bitcoin sales.