Bitcoin market turbulence fuels $15 bn credit product and sparks $383 m whale transfer

Strategy’s Bitcoin‑linked preferred shares (STRC) have amassed a market of over $15 billion, offering high yields by using the capital to purchase more than 843,000 Bitcoin. When Bitcoin fell below $60,000, the product’s dividend costs outpaced its asset base, triggering margin calls, forced sales and a price drop to around $71 before modestly recovering to about $85.

At the same time, Bitcoin has been unable to break the $65,000 resistance level despite strong trading volume. Analysts note that both long‑term holders and recent buyers are selling, adding pressure to the market. An on‑chain analysis revealed a dormant wallet that had not moved in eight years transferred 5,908 BTC – roughly $383 million – highlighting continued large‑scale activity amid price indecision.