Corporate Bitcoin holders are liquidating portions of their BTC reserves to fund preferred stock obligations and maintain capital structures, indicating selling pressure from large holders.

"Strategy has also sold Bitcoin in recent months to fund dividends, share repurchases, and its US dollar reserve—an example of how publicly traded Bitcoin treasury companies may face balancing acts between maintaining BTC exposure and meeting corporate capital-management needs."

"Between Aug. 3 and Aug. 9, the company sold 1,690 BTC for $108.6 million at an average price of $64,262 per coin. Strategy used the entire amount to repurchase about 1.15 million STRC shares. The company had sold another 1,638 BTC between July 27 and Aug. 2 for $104.7 million."