MSTR, COIN, CRCL Stocks Slip Despite Bitcoin Rally Above $86K, Crypto Liquidations Cross $800M

• Bitcoin's price climbed above $86,000 for the first time since January, extending a rally that lifted the broader cryptocurrency market above $3 trillion.

• The rally has coincided with a more supportive U.S. regulatory backdrop.

• Heavy short liquidations added fuel to Bitcoin's rally, with roughly $800 million in crypto short positions reportedly liquidated over the past 24 hours.

Strategy (MSTR), Coinbase (COIN), Circle (CRCL), and shares of other crypto-linked large-cap equities edged lower in early morning trade on Tuesday, even as Bitcoin's (BTC) price continued to climb, crossing the $86,000 mark.

MSTR stock and COIN shares fell around 1.7% each. On Stocktwits, retail sentiment around MSTR improved to 'bullish' from 'neutral' over the past day, while sentiment around COIN improved to 'neutral' from 'bearish'.

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Meanwhile, USDC stablecoin issuer CRCL's stock dropped 2.5% with retail sentiment dipping to 'neutral' from 'bullish' territory.

The weakness extended across several other crypto-linked names. Strive (ASST) shares fell 2.8%, while XXI Holdings (XXI) declined 1.9%.