A wallet last active when Bitcoin was trading near $6,500 transferred $188 million of its holdings in recent days, its first onchain movement in seven years.

With the biggest cryptocurrency now trading at around $64,000 apiece, the whale transferred 2,931 Bitcoin (BTC) from wallet “356my” to wallet address “bc1qn” on Sunday, according to blockchain data platform Arkham. 

The whale is likely looking at a nearly 10-fold gain on the long-dormant holdings, according to blockchain analytics platform Onchain Lens.

The transaction comes during a period when whale transfers — those at a minimum of $10 million per Coinglass — are accounting for the majority of Bitcoin flowing to cryptocurrency exchanges. Large whale transfers to exchanges often precede sales, which can place additional pressure on Bitcoin’s price.

Crypto wallet address 356my, transactions and token balance history. Source: Arkham

Fast becoming year of the whale

Whales have been driving most of the Bitcoin inflows to cryptocurrency exchanges since the beginning of the year.

About 99% of BTC deposited to exchanges is currently from the 10 largest individual transfers, according to CryptoQuant’s chart tracking the ratio of whale transfers to exchanges, which stood at 0.99 at press time. 

Bitcoin: Exchange Whale Ratio – all exchanges, year-to-date chart. Source: CryptoQuant

A high exchange ratio means that whales account for a disproportionate share of inflows, which is “historically a bearish signal” as these large deposits are more likely to precede significant sell orders than routine retail activity, according to the analytics platform. 

Related: Strategy sells 3,588 Bitcoin for $216M to fund dividends, keeps $2.55B reserve intact 

The whale transfers may add to the persistent Bitcoin selling pressure from spot Bitcoin exchange-traded fund (ETF) holders.

Bitcoin ETF Flow (USD, million). Source: Farside Investors

US-traded spot Bitcoin ETFs registered $197 million in net weekly inflows leading up to Friday, but saw $4.51 billion in net outflows in June, marking their worst month on record, according to Farside Investors data.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

Strategy, the largest corporate holder of Bitcoin, has raised additional capital by selling shares under its at-the-market (ATM) program while keeping its Bitcoin treasury unchanged during the latest reporting window. In its most recent SEC update, the company detailed the size of the equity issuance and reaffirmed that no BTC trades occurred in the period.

According to an 8-K filing dated Monday, Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12. The filing also states that Strategy held 843,775 BTC at an average purchase price of $75,476 per BTC, with no Bitcoin purchases or sales reported during the same timeframe.

Key takeaways

• Strategy raised $466.7 million by selling 4.8 million shares through its ATM offering from July 6–12, without altering its BTC holdings.
• The company reported 843,775 BTC at an average purchase price of $75,476 and disclosed no BTC transactions in the period covered by the filing.
• Strategy’s reported US dollar reserve increased to $3 billion as of July 12, supporting preferred dividends and debt interest obligations.
• The company continues to expand its equity-capacity runway, citing $23.8 billion of remaining ATM capacity, including capacity from a $21 billion additional offering announced earlier this year.
• Strategy is preparing its first semi-monthly dividend cycle for preferred shareholders, with near-term payment dates tied to new record-date rules.

Equity funding without touching the Bitcoin treasury

Strategy’s latest SEC filing highlights a deliberate split between raising fiat liquidity and managing its Bitcoin inventory. During the July 6–12 window, the company used its ATM program to issue shares and generate cash, but it reported no spot BTC activity.

The reported balance of 843,775 BTC suggests Strategy continues to treat its Bitcoin treasury as a long-horizon asset rather than a pool to be actively traded in response to short-term liquidity needs. That approach matters for investors watching whether Strategy’s BTC exposure remains steady while it scales the rest of its capital structure.

As investors monitor day-to-day market dynamics, the filing also landed while MSTR shares were reportedly down roughly 3% near the Nasdaq open to about $91.80 per share, according to Yahoo Finance. Bitcoin was trading around $62,580, down more than 2% over the prior 24 hours.

Cash buffer climbs to $3 billion

Beyond the share-sale figures, the 8-K update focused on Strategy’s liquidity position. The company reported its US dollar reserve at $3 billion as of July 12, up from $2.55 billion one week earlier.

Strategy said this cash reserve is used for operational obligations tied to its preferred stock dividends and interest payments on its outstanding debt. Importantly for readers tracking settlement mechanics, the reserve is also described as including expected proceeds from ATM share sales that had not yet settled as of the reporting date.

The update reinforces that Strategy’s financing strategy is not solely reliant on selling Bitcoin. Instead, the company is using equity issuance—at least in this period—to increase its USD buffer, potentially reducing the need for BTC sales to meet near-term payment requirements.

ATM capacity remains significant, with more runway available

Strategy also disclosed remaining capacity under its ATM framework. The company said it has $23.8 billion of available capacity, which includes capacity related to a new $21 billion offering announced on March 23. Strategy noted it may begin selling shares under this additional capacity once the existing offering has been substantially depleted.

That matters because the ATM program effectively functions as a flexible funding channel. For investors, the key question is how quickly Strategy can draw on this capacity while still maintaining its broader Bitcoin-oriented corporate posture.

In a separate development referenced in the update, Strategy previously sold BTC to replenish its US dollar reserve. The company announced it sold 3,588 BTC for about $216 million to fund preferred dividend payments, with the transactions described as:

• 1,363 BTC sold at an average price of $59,256 between June 29 and June 30
• 2,225 BTC sold at an average price of $60,773 between July 1 and July 5

In the same earlier June 29 8-K filing, Strategy reportedly stated it made no BTC purchases and disclosed the sale of 12.7 million shares through its ATM offering, generating $1.15 billion in net proceeds. Together, those disclosures show an ongoing balancing act between equity issuance and selective BTC sales to meet liquidity targets.

Earlier coverage from Cointelegraph discussed the rationale behind the company’s $216 million BTC sale, framing the decision in the context of Strategy’s preferred dividend obligations and its overall capital strategy.

Preferred dividends shift to a semi-monthly rhythm

Strategy’s equity and cash management also intersects with its dividend schedule. The company is preparing for its first semi-monthly dividend payment to holders of its STRC preferred stock on Wednesday.

In an announcement from June 8, Strategy said the new schedule would use record dates on the 15th and the last day of each month, with payments made on the following record date. The first semi-monthly record date was June 30, 2026, and the first payment date was scheduled for July 15, according to Strategy’s release.

With dividends arriving more frequently, the importance of Strategy’s updated cash reserve could rise. For preferred investors, the operational question becomes how consistently Strategy can fund distributions through a mix of ATM proceeds, reserve management, and—when necessary—BTC sales.

What to watch next

With Strategy now drawing on substantial remaining ATM capacity while preparing a more frequent preferred dividend timetable, market participants will likely focus on whether the company continues to keep BTC holdings static during future funding windows—and how quickly its USD reserve translates into predictable dividend coverage as semi-monthly payments roll forward.

BitMine Immersion (BMNR) added to its Ethereum treasury last week, bringing its total holdings to 5.77 million ether (ETH), or about 4.8% of Ethereum’s circulating supply of 120.7 million tokens, according to a Monday press release.

The company said nearly five million of its ETH holdings are staked, allowing it to earn staking rewards while maintaining one of the largest corporate Ethereum treasuries.

Beyond ether, BitMine’s balance sheet includes 206 bitcoin BTC$62,463.84, a $180 million stake in Beast Industries, a $69 million stake in Eightco Holdings (ORBS) and about $482 million in cash and marketable securities.

Chairman Tom Lee pointed to growing activity on Ethereum’s layer-2 networks as a key reason for the company’s continued focus on ETH.

“One of the biggest crypto success stories in 2026 is the breakaway success of the Robinhood Chain L2 mainnet on July 1, built on Arbitrum,” Lee said in the release. “Already, dollar volumes have exceeded $1 billion, and Robinhood Chain now has more trading volume than any other decentralized exchange (DEX), demonstrating the outstanding utility and product market fit for Ethereum, which is the underlying chain.”

Strategy, the largest corporate holder of Bitcoin, raised fresh capital by selling MSTR shares through its at-the-market (ATM) offering last week while leaving its BTC treasury unchanged.

Strategy sold 4.8 million shares of its Class A common stock for $466.7 million between July 6 and July 12, according to a Monday 8-K filing with the US Securities and Exchange Commission. 

The company did not buy or sell any Bitcoin during the period and reported holdings of 843,775 BTC at an average purchase price of $75,476 per BTC. 

The update comes as investors continue to watch how Strategy balances equity issuance, Bitcoin accumulation and its growing preferred stock offerings as it expands its BTC-focused corporate strategy.

Ahead of Monday’s Nasdaq open, MSTR shares were trading down roughly 3%, to $91.80 apiece, according to Yahoo Finance. Bitcoin was trading at about $62,580, down more than 2% in the past 24 hours.

Cash buffer grows to $3 billion

Strategy increased its US dollar reserve to $3 billion as of July 12, up from $2.55 billion a week earlier. The reserve is used to fund dividend payments on its preferred stock and interest payments on its outstanding debt.

The reserve includes expected proceeds from MSTR shares sold through the company’s ATM offering that had not yet settled as of the reporting date.

Source: SEC

Strategy has $23.8 billion of remaining capacity under its MSTR ATM offering, including capacity from a new $21 billion offering the company announced on March 23. The company said it may begin selling shares under the additional capacity once the existing offering is substantially depleted.

Last week, Strategy announced it sold 3,588 BTC for about $216 million to replenish its US dollar reserve and fund preferred stock dividend payments.

Related: Lyn Alden says Bitcoin needs no savior as Strategy sells $216M of BTC

The transactions included the sale of 1,363 BTC at an average price of $59,256 between June 29 and June 30, followed by another 2,225 BTC at an average price of $60,773 between July 1 and July 5.

In the same June 29 8-K filing, Strategy also reported no BTC purchases, while disclosing the sale of 12.7 million MSTR shares through its ATM offering, generating $1.15 billion in net proceeds.

STRC moves to twice-monthly dividend schedule

Strategy is boosting its USD reserve as it readies its first semi-monthly dividend payment to its STRC preferred stock holders on Wednesday.

Under a new schedule announced on June 8, STRC will use record dates on the 15th and the last day of each month, with payments made on the following record date.

The first semi-monthly record date was June 30, 2026, with the first payment date scheduled for July 15.

Magazine: Bitcoin nearing late stages of bear market: Jamie Coutts, Real Vision

The report also noted a problem with permissionless chains: a confirmed transaction can, in theory, be reversed by a chain reorganization. That introduces a settlement-finality risk that traditional infrastructures do not encounter.

Nevertheless, the report said, established firms in traditional finance and crypto-native companies are converging.

As one example, it cited Ripple’s $1.25 billion purchase of prime broker Hidden Road. Hidden Road, now Ripple Prime, is listed among firms holding both an investment-firm license and cryptoasset registration covering spot and derivatives across forex and digital asset markets from the Financial Conduct Authority.

Santander U.K.’s use of Ripple’s blockchain for cross-border payments was named as a white-labeling example. The bank fronts the customer relationship while Ripple’s technology moves the money.

Woolard puts the U.S. and U.K. markets on similar timelines for stablecoin regulation, with both targeting full regimes in 2027. For wholesale policy, the U.K. is ahead of the U.S., where the Clarity Act remains stuck.

While the FCA is already authorizing crypto companies under money-laundering regulations, the regulator’s new regime under the Financial Services and Markets Act (FSMA) kicks in next year.

Applications under FSMA open on Sept. 30, ahead of an October 2027 launch date.

The report concedes that the industry still sees U.K. authorization as slower than the U.S., where the SEC’s December 2025 no-action letter handed the Depository Trust Company a three-year tokenization pilot that lets firms launch live rather than build for a test environment.

Bitcoin is trading around 62,700 dollars, and Jurrien Timmer, Fidelity’s director of global macro, is watching it drift toward a line he has tracked for more than a decade. 

On his power law model, a logarithmic chart that bounds Bitcoin’s entire price history between an upper resistance curve, a middle trendline, and a lower support curve, the floor currently sits near 58,000 dollars. That lower line has caught every major Bitcoin bottom since 2015. Timmer’s label for the zone the market has now entered is unambiguous: accumulation. His caveat is just as unambiguous: he sees no catalyst for a reversal, and he is not calling a bottom.

That combination, a historically reliable floor approaching and a strategist refusing to ring the bell, is the most honest summary of the Bitcoin market in July 2026. The asset is coming off its worst quarter since the 2022 bear market, spot ETFs just recorded their largest quarterly outflow since launch, the speculative premium that carried the price past 120,000 dollars last year has evaporated, and the fast money has visibly rotated elsewhere, first into gold, then into semiconductor stocks. And yet the two quantitative measures Timmer trusts most, the deviation from the power law trendline and the Bitcoin-to-gold ratio, have both sunk to depths recorded at exactly two prior moments: the 2018 low and the 2022 low. Both of those moments were generational buying opportunities. Both also felt like the end of the world at the time.

This feature takes the model seriously in both directions: what the power law actually says, why its track record earns attention, and why the missing-catalyst objection is not a hedge but the core of the analysis.

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