As the business intelligence and Bitcoin treasury company Strategy just carried out its largest BTC sale this week, analysts are comparing just how deeply the firm is underwater.
CryptoQuant analyst Darkfost reviewed Strategy’s Bitcoin unrealized losses compared to those of the world’s largest crypto exchange, Binance, in their latest report. This is because both entities are major BTC holders, with hundreds of thousands of digital assets sitting in their reserves.
According to Darkfost’s report, crypto exchanges collectively hold about 8 million BTC, with roughly 30% concentrated on Binance alone. Bitfinex, Gemini, Kraken, and OKX follow suit with more than 5% of the holdings each.
It is worth mentioning that Binance’s bitcoin reserves are mostly owned by investors. This is because the exchange liquidated about 94% of its proprietary BTC reserves and converted them into stablecoins in early 2025 during a major restructuring. So, since then, it has not actively engaged in selling its own BTC; the bitcoin in question now belongs to investors.
Although Binance accounts for the largest exchange reserves with 656,561 BTC, Strategy still tops the platform with 843,775 units. This feat is despite Strategy executing two batches of BTC sales within less than two months. The first was in late May – 32 BTC for $2.5 million – while the second was earlier this week – 3,588 BTC for $216 million. These sales have been aimed at funding security dividends and corporate liquidity needs. Darkfost said Strategy’s moves reflect the company’s need for liquidity rather than a market conviction.
Strategy’s 843,775 BTC stash has an average acquisition price of $75,476, but the sales have been taking place around the $60,000 level. So, the business intelligence giant has realized roughly 20% sales losses.
On the other hand, all the BTC sitting on Binance has an estimated realized price of $60,900, well below Strategy’s $75,476. This indicates that the latter’s reserves are still deeper underwater than Binance’s – the treasury firm is sitting on more unrealized losses.
Moreover, Strategy has more BTC holdings than Binance, so the firm has a significantly larger unrealized loss margin than the exchange. If Saylor’s company makes any more sales while BTC hovers around $60,000, it is bound to realize even more losses.
The post Strategy or Binance: Who’s Sitting on More Unrealized Bit
小靓分析：
🦊 小靓解读
Strategy 近期进行了史上最大规模的 BTC 出售，引发市场对其未实现亏损的关注。CryptoQuant 数据显示，Binance 持有的约 240 万 BTC 主要来自用户存款，而 Strategy 的持仓则多为公司自有资金，两者亏损结构截然不同。
📊 市场影响
短期来看，Strategy 的抛售可能加剧 BTC 价格下行压力，尤其在 6 万至 6.5 万美元区间。但 Binance 的散户持仓更易在恐慌时集中抛售，若 BTC 跌破 5.8 万美元，可能引发连锁清算风险。
💡 操作建议
建议关注 6 万美元支撑位，若放量跌破可考虑降低杠杆仓位。对套利交易者，可留意资金费率是否因抛售情绪转负，此时做多永续合约可能获得正向费率收益。
风险提示：
该资讯来源于公开渠道，仅供参考。Traceless 无痕智盈平台不对此信息准确性做任何保证。