The agreement between the U.S. and Iran reduced the risks of problems in global energy, yet bitcoin still remains below $66,000 amid fears of further sales by Strategy. This was stated by analysts at QCP Capital.
"The company may need to sell more bitcoins to finance dividend payments, especially after the redemption of $1.5 billion in convertible bonds maturing in 2029," the report says.
Since Strategy continues to issue shares and increase its growth potential, this optimism could ultimately turn against the first cryptocurrency, QCP believes. Nevertheless, the experts noted a stabilization of the macroeconomic situation, which works in favor of risk assets.
In parallel, CryptoQuant contributors — the COINDREAM team — noted that short-term holders are remaining calm. The SOPR indicator for this category of investors is currently close to 0.995, signaling minor losses.
The metric is holding above the "panic threshold," which sits at the 0.95 mark.
"The current structure points to a fragile recovery phase rather than full capitulation. A return to the level of 1 will confirm an improvement in short-term sentiment, while a drop below 0.95 will signal a rising risk of panic," the analysts added.
While bitcoin maintains relative stability, selling pressure from altcoin sellers has reached a five-year high, according to data from IT Tech researchers.
The aggregate difference between spot buy and sell volumes across all cryptocurrencies excluding BTC and ETH has been in negative territory for 15 months in a row. The metric nearly closed at the zero level in early 2025, but then sharply reversed and has not stopped falling since.
As a reminder, on June 15 Bitwise CIO Matt Hougan urged long-term investors to obsess less over finding the bottom and to look toward bitcoin's next bull cycle.
Source: ForkLog
