Key facts
- Bitcoin traded near $63,170, extending a roughly 6% weekly gain.
- Strategy sold 3,588 bitcoin for approximately $216 million.
- The market largely absorbed Strategy's sale without significant price impact.
- Ether remained near $1,770, up 11.6% for the week.
- Rising oil prices and weakness in Asian tech shares introduced macro uncertainty.
Bitcoin held steady in the low $63,000s on Tuesday, extending a roughly 6% weekly gain, after an overnight push above $64,000 faded. The cryptocurrency largely absorbed a significant sale of 3,588 bitcoin by Strategy, its largest since abandoning its never-sell stance, without breaking its recovery from late-June lows near $58,000.
Ether also saw gains, trading near $1,770 and up 11.6% on the week, while XRP and Solana maintained most of their weekly advances. The market's ability to absorb Strategy's sale suggests resilience, even as institutional futures activity has thinned, with CME futures open interest at a 32-month low.
Derivatives traders are observing signs of a potential late-stage washout, with six-month options skew spiking to its fourth-highest on record, indicating expensive downside protection. This suggests that while traders are paying up for protection, the worst may already be priced in.
Broader macro uncertainty persists, with rising oil prices following a fresh attack near the Strait of Hormuz and renewed weakness in Asian tech shares. Brent crude rose 0.6% to about $72.45 a barrel after a liquefied natural gas carrier was struck. Asian markets, including South Korea's Kospi, saw declines, with technology stocks under pressure.
While crypto markets have recently decoupled from sliding AI and chip stocks, the renewed oil risk serves as a reminder that the macro backdrop that impacted digital assets in the first half of the year has not fully cleared. The sustainability of bitcoin's bounce and potential ETF inflows will be key factors in determining its future trajectory.