Bitcoin fell slightly from three-month highs on Thursday, its recent rally stalling after Strategy, the largest corporate cryptocurrency holder, announced it might sell some of its holdings.
Nevertheless, the crypto market and the broader market remained positive, as hopes for a de-escalation of the conflict between the US and Iran supported a strong rally in risk assets.
Bitcoin fell 0.7% to $80,951.3 as of 9:16 AM. The world's largest cryptocurrency rose nearly 12% in April, fueled by both dip buying and expectations for further de-escalation due to the war involving Iran.
Recent news spurred Bitcoin's rally in early May, especially after both the US and Iran announced successful negotiations. Several sources reported that the two parties were close to reaching an agreement, prompting a strong rally in risky assets this week.
Bitcoin's rally stalled amid potential Strategy sales.
However, by Wednesday, Bitcoin had exhausted its upward momentum, stalling near three-month highs after its largest corporate holder, Strategy Inc., announced it was considering selling some of its holdings.
The company said the sales would likely be used to pay dividends, especially given that its large Bitcoin purchases were financed through a combination of additional equity issues and debt instruments.
Stretch's recent preferred share offering also saw strong demand. However, this entails additional dividend obligations.
Chairman Michael Saylor did not specify the size of the potential sales, but noted that the company intends to continue buying Bitcoin. US Bitcoin Reserve Update Expected in Coming Weeks — Coindesk
The White House will make an announcement about a national Bitcoin reserve "in the next few weeks," Coindesk reported on Wednesday, citing Patrick Witt, executive director of the President's Council of Advisors on Digital Assets.
Witt told Coindesk that federal work to inventory, centralize, and secure US-owned Bitcoin has been underway in the background for several months.
President Donald Trump signed an executive order in 2025 to create a national Bitcoin reserve from cryptocurrency confiscated by the government.
Crypto Market Prices Today: Altcoins Flat Along with Bitcoin
The broader crypto market also largely stagnated on Thursday, following Bitcoin. Ether, the world's second-largest cryptocurrency by market capitalization, fell 1.6% to $2,333.41. XRP fell 0.8%, while BNB, Solana, and Cardano rose between 1% and 2%.
Among memecoins, Dogecoin fell 3.7%, and $TRUMP fell 1.6%.