Bitcoin dropped more than 20% in a week to touch $59,000, its lowest level in nearly two years. CNBC host Jim Cramer posted on X that “Saylor murdered Bitcoin,” pointing to Strategy’s sale of 32 BTC on Monday. The transaction, while tiny relative to Strategy’s total holdings, drew attention because Executive Chairman Michael Saylor has long advocated a buy-and-hold strategy.
Cramer’s accusation meets on-chain pushback
Saylor dismissed the claim, tweeting that the decline was “just a flesh wound.” CryptoQuant CEO Ki Young Ju argued that focusing on 32 BTC ignores the 1.24 million BTC sold by OG whales to Saylor and ETFs over the past two years. “Can we really compare that with 32 BTC?” Ju asked, adding that Bitcoin would likely be lower today without Strategy and ETF buying.
Citigroup analysts echoed that view, noting investors pay too much attention to Strategy’s small sale while overlooking persistent outflows from U.S. spot Bitcoin ETFs. SoSoValue data showed ETFs recorded $2.43 billion in net outflows in May and another $1.40 billion in the first three days of June. Citigroup said ETF demand remains a key price driver and those outflows have had a much larger impact.
Concerns over Strategy’s funding model
Economist Peter Schiff argued Strategy’s Bitcoin treasury model depends on its ability to raise capital via equity markets. If MSTR shares lose their premium, future fundraising becomes harder. Grayscale Research noted falling STRC share prices could force Strategy to raise dividend payments, increasing cash obligations and raising the likelihood of future Bitcoin sales. Still, Grayscale said shifting Bitcoin from highly leveraged corporate balance sheets to multiple treasury companies could benefit the market in the long run.
Charles Schwab’s director of digital currencies research, Jim Ferraioli, suggested the market is searching for a simple explanation for a trend that started months ago. Bitcoin has been in a bear market since reaching nearly $126,000 in October 2025, he said. The current weakness stems from lost momentum, and Strategy’s sale occurred near the end of an eight-month downtrend, making it hard to pin the decline on one small transaction.