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Strategy just unloaded another 1,690 $BTC for $108.6 million, its second weekly sale, pushing 2026 disposals near 7,000 coins. Proceeds funded a $STRC preferred buyback while the firm raised more cash via $MSTR shares, lifting its USD reserve to $4.65 billion. Holdings now sit at 840,447 $BTC, still the largest corporate stash, but bought at a cost basis well above today’s $63,500–$64,000 range. The signal is clear: even the most committed Bitcoin treasury is prioritizing liquidity and preferred obligations over pure accumulation. That removes a steady bid and adds overhead supply just as $BTC fails to reclaim $65,000 amid sticky oil prices and an imminent CPI print. $ETH, $SOL, $XRP, $BNB, $ADA, $LINK, $DOGE, $AVAX, $HYPE and most large-caps are trading softer in sympathy as risk appetite cools. Longer-term, institutional custody and stablecoin rails remain intact, and a September CLARITY Act vote still offers regulatory upside. Near-term, repeated sales highlight the risk that corporate cash needs can override the accumulation narrative. Patient buyers may find opportunity if inflation data cooperates; further treasury liquidations remain the clear downside. How many more $BTC can Strategy sell before the market prices a structural shift in corporate demand?