On July 6, 2026, Bitcoin was at a relatively high range according to AiCoin data. Two publicly traded companies, viewed as representatives of "old money" and "new money," made opposing choices within the same time window: Strategy broke its long-held "buy and hold" image for the first time, selling 3,588 Bitcoins for approximately $216 million, at an average transaction price of about $60,200 per coin. Meanwhile, its shareholders had previously approved an authorization limit for selling up to 20,000 Bitcoins. In stark contrast, American Bitcoin purchased about 500 additional Bitcoins on the same day, bringing its total holdings to around 8,000. Several media outlets reported connections to American political power, naturally tagging this increase as "new money entering the market." With traditional institutions still holding around $2.55 billion in cash reserves while choosing to reduce their holdings at high prices, the long-established bullish role of Bitcoin is being re-evaluated by the market. At the same time, the politically colored ABTC is increasing its positions counter-cyclically, reinforcing the narrative of "old money reducing holdings, new money increasing holdings," and turning a simple position change into a collective question about who ultimately holds the dominance in the future market.

Strategy's first large-scale sell-off: A reversal signal for Bitcoin?

Moving from "buy and hold" from 2020-2025 to reducing its holdings at a relatively high point in 2026 signifies a clear turning point for Strategy. For a long time, as one of the world's largest Bitcoin holders among publicly traded companies, it has been tagged as "never selling Bitcoin." There has never been a sale of this scale before, yet now, with around $2.55 billion in cash and interest expenses covering about 17.6 months, it chooses to utilize its Bitcoin holdings: As of July 6, 2026, Strategy has confirmed the sale of 3,588 Bitcoins, cashing out approximately $216 million at an average price of around $60,200 per coin. This is just a small part of the authorized limit—an earlier shareholders' meeting approved the sale of up to 20,000 Bitcoins, which is far larger than the current executed sell-off, leaving outsiders to speculate whether the company is merely "tipping its toes" or reserving space for a larger upcoming reduction. There is no official confirmation on whether it will exhaust the entire limit.

This shift from "only buying" to substantial reductions has sparked a debate about signals. Jiang Zhuoer wrote on X platform, defining this action as Strategy's first large-scale reduction, and deduced that the approved 20,000 Bitcoins are "likely to all be sold." In the eyes of many investors, this judgment elevates a completed sale to possibly signify a continuing trend. However, it should be emphasized that this is merely an individual market opinion, not an official statement from Strategy, nor is there more chain-level or company-level data supporting further conclusions. In the context of the already solidified "old money" image, whether Strategy continues to utilize the remaining selling limit will determine whether this sell-off is merely a tactical adjustment or the starting point of a structural loosening of Bitcoin's long-term bullish role.

Cash covers interest yet sells Bitcoin: A shift in risk management

Reports estimate that Strategy currently has approximately $2.55 billion cash reserves, sufficient to cover about 17.6 months of interest expenses, meaning that even without touching Bitcoin holdings, the company's short-term payment pressure is not prominent. Under such circumstances, management still chose to sell 3,588 Bitcoins for about $216 million rather than continue on the familiar path of equity financing. This "cash-rich yet selling Bitcoin" combination stands out in market narratives. For a long time, Strategy has been viewed as a typical "never selling Bitcoin" entity, and management has publicly emphasized its long-term holding stance. Now, the reality of actively reducing holdings presents an undeniable contrast to past statements. Jiang Zhuoer noted that prioritizing selling Bitcoin in the context of ample cash rather than issuing common stock is seen as an important strategic change. While this judgment itself remains a personal view, it reflects the market's sensitivity to this pivot.

From the perspective of asset-liability management, this reduction appears more as an early-stage test of risk preference rather than a completed strategic overhaul. In recent years, the external narratives have been accustomed to summarizing Strategy's path with "buy and hold" and "expanding through equity to achieve higher Bitcoin exposure." This time, however, the approach has shifted to actively reducing positions and increasing cash proportions, at least on a tactical level, disrupting the inertia of regarding Bitcoin as an absolutely untouchable reserve asset. Whether this is based on locking in some book profits when Bitcoin is at a relatively high point or to provide the balance sheet with more elasticity between interest rate cycles and price fluctuations is currently just at the level of "possibility." Going forward, whether Strategy continues to utilize the approved limit for the sale of up to 20,000 Bitcoins will become a key observational variable to validate whether its risk management mindset is merely a tactical adjustment or a deeper re-evaluation of its Bitcoin exposure.

ABTC buying against the trend: Is Bitcoin a political chip?

In stark contrast to Strategy's choice to reduce holdings at high prices, American Bitcoin, according to AiCoin data, increased its purchase of approximately 500 Bitcoins on July 6, 2026, pushing its total holdings to about 8,000. At a point when Bitcoin prices are relatively high and traditional "old money" representatives are starting to reduce their exposure, ABTC chooses to keep adding to their positions, which represents a typical posture of "going long against mainstream risk management logic." This behavior is recorded on-chain as a higher Bitcoin position, and on a narrative level, it is quickly interpreted as another type of signal.

Even more sensitive for the market is that several crypto media outlets have previously reported some correlation between ABTC and the Trump family, yet specific details on equity percentages or board seats have not been publicly disclosed or confirmed by official channels. Against the backdrop of American political figures being revealed for their involvement in cryptocurrency mining, this purchase of 500 coins is seen by many media as an action imbued with political symbolism—not simply an asset allocation optimization, but a public statement of "new money related to American political power" continuing to bet on Bitcoin at high prices. As a result, Bitcoin is no longer just a figure on a balance sheet but is integrated into the imagination surrounding voter demographics, industrial layout, and regulatory discourse. In the absence of more detailed on-chain transaction and leverage data, this increase is better suited as a narrative signal to observe how American political capital uses Bitcoin for positional expression, rather than being seen as a decisive action capable of altering Bitcoin's long-term supply-demand dynamics.

Old money reduces holdings, new money increases holdings; a rift in narratives

According to AiCoin data, during the same period when Bitcoin is at a relatively high level, Strategy, a traditional public company long viewed as a "symbol of institutional bulls," completed a sale of about 3,588 Bitcoins for about $216 million, while its shareholders' meeting had previously reserved institutional space for a limit of up to 20,000 Bitcoins for sale. Between 2020 and 2025, Strategy shaped an image of "never selling Bitcoin" through "buy and hold." Now that it still holds approximately $2.55 billion in cash, enough to cover over a year's interest payments, it has chosen to sell Bitcoin, naturally interpreted in the public sphere as a signal that "old money institutions are beginning to hedge against the cycle's peak," thus amplifying the narrative of "institutional peaks."

In stark contrast, on the same day, July 6, 2026, American Bitcoin increased its total holdings again by buying approximately 500 additional Bitcoins, accumulating to about 8,000, viewed as actions by participants of "new money" related to the Trump family and American political power continuing to bet on Bitcoin at high levels. On one side, established capital market players lock in some profits from book profits, while on the other side, political capital accumulates chips without any record of reduction. These two narrative lines intertwine in the market, presenting opposing signals of "old money reducing holdings as a top warning" and "new money increasing holdings as political endorsement." However, the brief did not provide on-chain trading volume, position structure, leverage, or funding rate metrics, meaning we can only observe the divergence of emotions and positions at this stage through public materials and behavioral layers, and cannot directly classify this set of contradicting operations as a trend reversal validated on-chain.

Next, observe who continues to buy and who chooses to sell

With Bitcoin prices still at relatively high levels and the concurrent actions of old money reducing holdings and new money increasing positions, the market is in a state of intertwined bullish and bearish signals, and no single institution's action is sufficient to conclude that a trend has been set. What truly deserves to be tracked going forward is how specific behaviors evolve: On one hand, Strategy’s shareholders' meeting has approved a sell limit of up to 20,000 Bitcoins, and this yet unused authorization will become an observation window. There is currently no public timeline or rhythm guidance on when or at what rate the company will continue to execute its reductions. On the other hand, ABTC holds about 8,000 Bitcoins after the increase; whether it will continue to add to this or see a first reduction will continue to influence the market's attitude and narrative regarding the participation of "political funds" in Bitcoin. For ordinary participants, it’s more important to focus on subsequent publicly verifiable disclosures and on-chain actions rather than making subjective speculations about yet-to-be-explained sell-off plans or motives of political counterparts, as it is only these visibly actionable moves that could truly change the supply-demand dynamics.

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