Summary
- CEO Jacob King said that KindlyMD recently sold 367 Bitcoin (BTC).
- Analysts raised the view that companies' selling of Bitcoin holdings has been triggered by the recent crypto market downturn.
- They said corporate forced selling of BTC could act as a factor for increased market volatility and additional downward pressure.
Nasdaq-listed KindlyMD (KindlyMD·ticker NAKA) appears to have sold 367 Bitcoins (BTC). Analysts suggest the recent bearish phase in the crypto market is translating into selling pressure on corporate holdings.
Jacob King, CEO of SwanDesk, said on the 20th (local time) via X (formerly Twitter) that KindlyMD recently sold 367 BTC. KindlyMD is one of the Nasdaq-listed companies that have been buying Bitcoin for the long term.
Jacob King said, "DAT (Digital Asset Treasury) companies that have been buying Bitcoin are unable to withstand accumulated losses and are starting to sell," adding, "this downturn will be more severe than ever." He pointed out that forced selling of corporate-held BTC could act as a factor that increases market volatility.
As Bitcoin's price was pushed below $100,000, some listed companies have recorded valuation losses on their holdings, and there is a possibility that selling moves by some companies could lead to additional downward pressure.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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