Bitcoin Drops Below $64,000 as Strategy Sells 1,690 BTC for $108.6M

BTC price slips under $64k, triggering $47M in long liquidations. Strategy offloads 1,690 BTC to fund stock buybacks, citing record reserves.

Woofun AI reports that Bitcoin fell below $64,000 on August 10, dropping from an intraday high of $65,416. This decline reduced the market capitalization from $1.3 trillion to $1.28 trillion within four hours. Liquidations of long positions surpassed $47 million in the last 24 hours, compared to $12 million for shorts.

Strategy sold 1,690 BTC between August 3 and 9 at an average of $64,262, generating $108.6 million to repurchase 1.15202 million STRC preferred shares. The firm now holds 840,447 BTC with an average cost of $75,385. CEO Phong Le noted that dollar reserves and duration hit all-time highs, growing by nearly $3.8 billion over 2.5 months. Peter Schiff questioned the logic behind the stock buyback and share holdings.