Bitcoin treasury company erases 7.7M shares after selling 177 BTC – yet Bitcoin per share fell
The $11.7 million convert vanished, leaving a simpler capital stack and a tougher test for replacement funding.

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CLARITY’s market impact falls on tokens, exchanges, and DeFi, with Bitcoin still driven by liquidity, ETF demand, and macro conditions.
A decisive reclaim of short-term holders’ $69,000 cost basis would put Bitcoin into a thin supply zone stretching toward $84,000.
Bitcoin is safe today, but signatures, software, custodians and users would need years to coordinate a defense.
Spot trading remains thin and derivatives traders are still hedging against another drop, even as long-term holders stay put and U.S. ETF demand begins to recover.
Options skew at 11.4 points and positive funding show leverage rebuilding before Bitcoin confirms a durable bottom.
Matching FEC rows name Gemini because it liquidated the same bitcoin, not because the exchange donated another $10 million.