Bitcoin edged back above $63,000 on Tuesday, Aug. 4, erasing an earlier dip to $62,227, even as fresh selling disclosures from Strategy and a fourth suspected wave of Coldcard wallet sweeps tested market confidence. The leading cryptocurrency touched $64,117 before settling near $63,545—about 1.6% higher over 24 hours—but remains trapped in a range that has persisted since June’s sharp decline.
Strategy, the corporate Bitcoin holder formerly known as MicroStrategy, disclosed in an Aug. 3 SEC filing that it sold 1,638 BTC between July 27 and Aug. 2 for roughly $104.7 million at an average price of $63,957. The company directed $52.4 million toward preferred stock dividends and $52.3 million toward STRC repurchases. It still holds 842,138 BTC, acquired at an average cost of $75,419 per coin. Executive Chairman Michael Saylor defended the move on social media, insisting the public company’s capital management decisions do not reflect his personal “never sell” stance.
Meanwhile, Galaxy Research head Alex Thorn tied another 448.7 BTC moving from 709 addresses on Monday to a likely fourth wave of attacks exploiting vulnerable Coldcard hardware wallets. That brings Galaxy’s estimate of total affected coins to approximately 1,815.75 BTC across 5,294 addresses, though Coinkite has not confirmed the figures. The hardware maker said users must generate completely new seeds and transfer funds, as patched firmware only protects new seeds.
Against this backdrop, Stacks is pushing forward with a Bitcoin staking plan that could reshape demand for its native STX token. The proposed design would let Bitcoin holders lock BTC on the base layer while pairing it with STX worth about 5% of the BTC position to create a protocol bond, targeting a roughly 3% annualized yield in Bitcoin. Because Stacks miners already distribute Bitcoin rewards through the Proof of Transfer mechanism—over 4,200 BTC since 2021—the yield would be funded by existing sources rather than new emissions. The main catalyst is still on the horizon: Bitcoin staking was operating on a private testnet as of July 16, with mainnet activation pending.
The mechanics create a direct link between BTC inflows and STX demand. For illustration, 5,000 BTC entering would require roughly $16.6 million in paired STX, while 50,000 BTC would imply about $165.5 million, assuming the 5% ratio holds. Moreover, the six-month bonding period could temporarily reduce liquid STX supply, and additional transaction fees from DeFi activity on the network—currently tracking about $86 million in total value locked—would add further utility. The project’s own materials acknowledge a circular relationship between STX value, miner economics, staking capacity, and BTC yield, meaning the flywheel’s strength depends on adoption and user behavior after launch.
Analysts watching Bitcoin’s near-term trajectory see $60,000 as a potential bullish reversal point if it forms an inverse head-and-shoulders pattern, with a neckline at $66,500. A breakout could open $71,000 and $76,000, while a loss of $60,000 would shift focus to $56,000. Miner sales, estimated at 1,774 BTC last week, add a layer of supply pressure. For Stacks, the road ahead hinges on whether the staking mechanism can attract meaningful BTC capital, making the mainnet launch the most critical event for STX’s 2026 outlook.
