Strategy's $216M cash stash buys Bitcoin time — and bulls a second wind 📈

Bitcoin rebounded to $63,500 after dipping to $61,300 on news that Strategy sold portions of its holdings, with derivatives data signaling a tentative return of balanced demand between bullish and bearish leverage. The company's expanded $216 million cash position allayed concerns about its ability to service dividends and debt, helping prices recover within hours of the announcement.

Perpetual futures markets registered an annualized funding rate of 9% on Monday, according to Laevitas data, distancing themselves from the negative readings recorded Saturday and indicating that leveraged positions on both sides are now roughly matched. Options markets told a slightly different story: the put-to-call premium ratio at Deribit rose to 1.15 on Monday, up from Thursday and Friday, though still below the 2.0 threshold typically associated with elevated stress.

Spot Bitcoin exchange-traded funds in the United States reversed course on Friday, recording $223 million in net inflows and ending a streak of ten consecutive outflows, according to SoSoValue. June had set a record with $4.51 billion in net outflows over the month, a figure widely cited as a drag on trader sentiment.

Strategy's preferred perpetual equity Stretch (STRC US) remained under pressure, trading well below its $100 issuance price as the company navigates obligations tied to its 12% yield obligation. The firm holds reserves sufficient to cover 17 months of dividends and carries roughly 8% debt leverage, though it sits on approximately $8 billion in unrealized losses from its Bitcoin purchases. Onchain data from Glassnode showed transfers from long-term holders to exchanges easing, a pattern consistent with seller exhaustion and supportive of the $60,000 support level.