BTC rises despite Strategy sale, signaling strong demand: Bitwise CIO

Bitcoin rose even after Strategy sold more than $200 million worth of BTC, signaling ample buying demand in the market, Bitwise CIO Matt Hougan said. Hougan said the sale was a capital management strategy for dividend payments and cash management rather than a response to funding stress. Hougan added that Strategy’s influence on Bitcoin’s price is likely to decline over time, while institutional investors are expected to take over as the main marginal buyers.