Ether, Solana, and Dogecoin Drop as Strategy’s Bitcoin Sales Plan Weighs on Crypto

Here’s a clean, paraphrased version with a tighter market-news tone:

Bitcoin remained below $60,000 as a strengthening U.S. dollar continued to weigh on crypto markets. Weak on-chain demand and concerns over Strategy potentially selling bitcoin added to overall caution.

Ether (ETH), Solana (SOL), and Dogecoin (DOGE) led declines across major cryptocurrencies on Tuesday as the Japanese yen fell to a 40-year low, boosting the dollar and pressuring risk assets.

Bitcoin traded near $59,514, down 0.3% on the day and about 7% over the week, according to CoinDesk data. It also remained below its 200-week moving average, a long-term technical level it has struggled to reclaim throughout the month.

Altcoins saw sharper losses. Ether dropped 8.2% on the week to around $1,587, XRP fell 7.1% to $1.04, and Dogecoin slid nearly 12% to $0.072, making it the worst performer among major tokens. BNB declined 6.5%, while Solana bucked the broader trend, rising 3% on the day and 2.9% for the week to $74. Hyperliquid’s HYPE token gained about 7% on the day, leaving it roughly flat weekly.

The main catalyst was currency volatility. The yen weakened past 162 per dollar—its lowest level since 1986—driving the U.S. dollar higher. A stronger dollar typically makes dollar-denominated assets like bitcoin more expensive for international buyers and reduces appetite for risk assets.

On-chain indicators also pointed to muted activity. Data from Glassnode showed active addresses holding around 618,000, within a mid-range level rather than expanding during the downturn.

Transaction volume remained subdued at roughly $4.2 billion, only slightly above recent lows near $3.6 billion, signaling limited network activity despite falling prices.

Transaction fees continued to decline, suggesting weak demand for block space. Together, these metrics indicate that market participation has not meaningfully increased.

Adding to investor caution, Strategy signaled it may sell more than $1 billion in bitcoin under a new capital plan aimed at strengthening its balance sheet, marking a shift from founder Michael Saylor’s long-standing stance against selling.

That potential supply overhang has added pressure to an already fragile market, which remains constrained by a strong dollar and lack of fresh inflows rather than a single shock event.

Looking ahead, traders are watching whether the dollar rally loses momentum and whether further weakness in the yen prompts intervention from Japanese authorities—moves that could disrupt global carry trades that have long supported risk assets.

For now, subdued on-chain activity and potential large-scale selling continue to keep crypto markets under pressure.