Bitcoin’s price fell sharply after a prominent corporate holder sold a substantial amount of BTC, yet the market’s leverage-driven optimism has kept the cryptocurrency afloat. The notable dip from just below $64,000 to approximately $62,000 came in response to a disclosure revealing the largest-ever sale by this entity, which offloaded 3,588 BTC to cover dividend payments.

The price surge over the weekend nearly reaching $64,000 was predominantly fueled by futures trading rather than actual spot market demand. Futures net buying approached $415 million during Sunday, including a four-hour burst that triggered forced closures of bearish bets totaling around $33 million. Conversely, spot market flows were slightly negative, highlighting that the rally depended heavily on leveraged positions susceptible to swift reversal.

Monday’s price adjustment intensified as the disclosed sale hit the market. Bitcoin futures shifted to net selling of approximately $456 million in a brief window, with liquidations impacting both bullish and bearish positions—roughly $42 million and $49 million, respectively. Regardless, the afternoon saw a recovery backed by robust futures buying near $568 million and, importantly, solid spot market purchases totaling about $143 million, marking renewed confidence in actual BTC demand.

Throughout this volatility, Bitcoin’s funding rates remained positive, reflecting persistent leveraged optimism despite the sharp moves. With an estimated $20.6 billion in open futures contracts, the market is heavily loaded with long positions, a factor that renders the current setup unstable and sensitive to major shifts in sentiment or external factors.

Investors and analysts are closely monitoring whether the recent sale signals a longer-term selling phase by the corporate holder, especially since an additional authorization to sell $1.25 billion worth of Bitcoin remains unused. This looming potential supply could weigh on any near-term rallies.

Another crucial factor is the upcoming release of the Federal Reserve’s minutes from its June meeting. Analysts anticipate that any hawkish commentary could pressure Bitcoin’s leveraged longs, testing key support and resistance levels between approximately $59,500 and $62,800. Market participants remain cautious as these developments could rapidly influence price dynamics.