Bitcoin Trades Flat Following Volatile Intra-Day Swing
After declining for two consecutive days, bitcoin was largely flat Wednesday as the sell-off sparked by Strategy’s latest bitcoin sale appeared to have run its course. Market data shows that bitcoin traded mostly below $63,800 between Tuesday afternoon and early Wednesday morning. However, shortly after 5 a.m. EST, a sharp rally lifted the cryptocurrency past $64,000 on its way to a daily peak of just over $64,400.
An equally sharp sell-off followed, pulling bitcoin down to $63,317 before it rebounded to just above $63,400. Bitcoin traded at nearly the same price level as 24 hours earlier—a rare occurrence for an asset widely considered one of the most volatile in recent years.
The flat price action left bitcoin’s market capitalization unchanged at $1.27 trillion and its seven-day loss at 2%. In the derivatives market, liquidations were subdued at $32.3 million, with long bets accounting for $20.5 million of the total. Overall, crypto market liquidations topped $153.2 million, split between $86.6 million in short positions and $66.7 million in long positions.
Despite previously heavily defending his company’s bitcoin sales, Strategy CEO Phong Le sought to allay concerns that it is becoming a net seller. Speaking in a recent interview, Le suggested that the company will return to buying more bitcoin throughout the rest of 2026. The CEO also tried to downplay recent sales, noting that the offloaded bitcoins remain a fraction of the 175,000 bitcoins it has bought since the start of the year.
