Key takeaways:<\/strong><\/p>\n Bitcoin traded down 3.5% on Wednesday as new developments in the US-Iran war pushed oil prices higher and Japan\u2019s bond markets faced renewed stress. That combination triggered broader de-risking across markets. At the same time, concerns over potential Bitcoin sales from Strategy intensified, with traders now bracing for a possible correction below $60,000.<\/p>\n Nasdaq-100 futures (left) vs. Bitcoin\/USD (right). Source: TradingView<\/em><\/p>\n Bitcoin\u2019s failed attempt to reclaim $64,500 on Monday coincided with a downtrend in the tech-heavy Nasdaq Index. However, the stock market recovered some of its losses on Wednesday while Bitcoin was unable to bounce back from the $62,000 level. This underperformance suggests something else might be pressuring the cryptocurrency.<\/p>\n The surge in Brent crude oil to $74 from $68 the prior week raised inflationary risks due to disruptions in energy supplies following the official breakdown of the US-Iran memorandum of understanding. US President Donald Trump declared the deal \u201cover\u201d after US strikes targeted Iranian sites in response to vessel attacks.<\/p>\n Higher energy costs feed directly into broader price pressures, reducing the likelihood of near-term Federal Reserve (Fed) interest rate cuts and limiting odds of economic stimulus packages.\u00a0<\/p>\n Implied odds for FED Funds target rate on Sept. 16. Source: CME FedWatch Tool<\/em><\/p>\n Traders are currently pricing 69% odds of interest rate hikes by September, up from 42% one month prior. This environment weighs heavily on risk assets, with Bitcoin still not widely perceived as an effective hedge.<\/p>\n Adding to the cautious mood, President Trump demanded an end to US trade with Spain at the NATO summit, labeling the key ally a \u201cwasted cause\u201d for failing to commit to new defense spending targets. Such trade frictions risk slowing global economic activity and amplifying fears of global economic contraction.<\/p>\n Japan 10-year government bonds yield. Source: TradingView<\/em><\/p>\n In Japan, government bond yields jumped to a 30-year high, reflecting fears over a lack of central bank independence as the government attempts to adjust the Japan Central Bank\u2019s policy mandate to \u201cachieve a stronger economy.\u201d Japan is the largest foreign holder of US Treasuries, which heightens the risk of global contagion.<\/p>\n The latest round of Bitcoin sales, totaling $216 million,<\/span><\/a> announced by Strategy (MSTR US) on Monday, negatively surprised many after it was revealed that they occurred outside the core $1.25 billion Monetization Program. The company\u2019s 8-K filings<\/span><\/a> stated the program accounts only for proceeds used to fund its cash reserves.<\/p>\n Investors now fear persistent selling pressure from Strategy as the company manages its capital structure and debt obligations, with total annual dividends of $1.76 billion alone. Moreover, Strategy holds over $3.8 billion in convertible debt with the earliest call date before April 2027.<\/p>\n Related: <\/strong><\/em>Lyn Alden says Bitcoin needs no savior as Strategy sells $216M of BTC<\/strong><\/em><\/span><\/a><\/p>\n\n
![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/ad4nxe4iowfkvagslvgljxb79hmrp5ytpr40zzew3ylmbeax8vwt8t2io3dqshtcvktupkidh5fcwcb8xmx8imp0w6htqmrdjqae8h6ayu4jx8oqojhrkxpymhdvduze8n0hs0zj0hsiorja3fup68zaqw3hw39lkyqs2048key5v5931703vnfzfqvcm146w-320x122.webp)
Global economic uncertainty amid Strategy\u2019s sell pressure<\/h2>\n
![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/ad4nxdwry1exxfofqps-r1ya0sabgzckdsnskoeb9x8ayepbecvir09mma7lcbbj7ykaulecx4ztbxgxalldrauozx2emw86tk33arrheluzpvv2bdvmukkfoo3fbthwxby4yim5rmskehpycyewla0vyvh5rl-c0xws2048key5v5931703vnfzfqvcm146w-320x112.webp)
![\"\"](\"https:\/\/s3-images.ctmedia.io\/media\/content\/ad4nxdn5qzxbg2myatpyqdzqibhvkqb-hq4a9jbwbyfneyd2itekxxja0p4gwmapxo3m96kzd-i1ubedyjmpjinfd9usnxiajbeqtgllvzqacvitnljzybqdwatwuoohbk36j-sl7ygav8ylfrvnk5wakoicxx6bt3ms2048key5v5931703vnfzfqvcm146w-320x104.webp)
<\/figure>\n<\/p>\n