Cryptocurrency

Bitcoin traders blamed Saylor’s 32 BTC sale but larger selling pressure built elsewhere – Crypto News

Published

2 months ago

June 5, 2026

Dripp

Bitcoin traders have identified Michael Saylor as a new suspect in the latest sell-off, while the numbers tell a different story.

Strategy disclosed in a June 1 Form 8-K that it sold just 32 BTC between May 26 and May 31 for $2.5 million, at an average net price of $77,135, with proceeds earmarked to fund preferred-stock distributions.

The company still held 843,706 BTC as of May 31, with that sale representing 0.0038% of Strategy’s total holdings and roughly 0.014% of Bitcoin’s reported daily volume of $17.45 billion on that day.

A sale of that size carries no supply-side weight against a $17 billion daily market, and it lands as a narrative event that cracks a story traders had built their confidence on.

Bitcoin fell below $71,500 after the disclosure, a drop also attributed to Iran-related geopolitical tensions and over $90 million in BTC-tracked futures liquidations, making Strategy’s sale one of several.

Strategy Bitcoin sale barely registered in market terms — A horizontal bar chart shows Strategy’s $2.5 million Bitcoin sale representing 0.014% of Bitcoin’s $17.45 billion reported daily volume on May 31.

The bigger sellers hiding in May

Four other companies accounted for the bulk of public treasury Bitcoin reductions in May, and their combined total dwarfed Strategy’s sale.

According to BitcoinTreasuries, public-company Bitcoin reductions totaled roughly 7,500 BTC during the month, with Strategy’s 32 BTC counted in the following month’s tally because of its June 1 filing date.

Excluding Strategy, MARA cut 3,386 BTC, Core Scientific reduced by 1,990 BTC, Sequans shed 1,481 BTC, and Prenetics exited 502 BTC, a combined 7,359 BTC.

At Bitcoin’s May 31 price of $73,579, that reduction carried a face value of roughly $541 million, about 230 times the size of Strategy’s sale.

Company	BTC reduction	Approx. value at $73,579 BTC	Context
MARA	3,386 BTC	~$249M	Linked to March note repurchase activity
Core Scientific	1,990 BTC	~$146M	Backdated-entry methodology caveat
Sequans	1,481 BTC	~$109M	Debt redemption / treasury strategy unwind
Prenetics	502 BTC	~$37M	Full exit from BTC treasury position
Total	7,359 BTC	~$541M	Not a coordinated May dump

BitcoinTreasuries noted that its May recap used a methodology that incorporated backdated entries and specifically flagged Core Scientific’s 1,990 BTC reduction as one that would not have appeared under its previous method.

MARA’s larger reduction also traced back to a March disclosure, when the company sold 15,133 BTC between Mar. 4 and Mar. 25 to fund $1 billion in convertible-note repurchases, not a fresh May decision.

Sequans was unwinding a failed Bitcoin treasury strategy to redeem debt, and Prenetics had already authorized a full exit from Bitcoin to redirect capital toward its IM8 health business.

Each reduction had its own logic and timeline, and none reflected a shared judgment that May was a good time to sell.

The net picture from BitcoinTreasuries makes the dump thesis harder to sustain, as public Bitcoin treasury companies added or disclosed 51,000 BTC before the May reductions and 43,500 BTC net after the reductions.

Why Saylor’s sale landed differently

The market’s disproportionate reaction to 32 BTC reflects Strategy’s position as the symbol of corporate permanence in Bitcoin.

Since 2020, Michael Saylor has built that reputation into the company’s identity as an accumulator that never distributes and treats every dip as a buying opportunity. That positioning attracted a class of investors who used Strategy as a proxy for conviction that corporations would become structural Bitcoin buyers.

A single sale to meet a preferred-stock distribution obligation left the accumulation thesis intact mechanically, but it introduced a variable that Strategy has ongoing financial obligations, and Bitcoin is the only asset available to meet them.

The follow-on anxiety is rational, even if the immediate reaction was overblown, since Strategy carries debt and preferred stock obligations with fixed distributions.

If Bitcoin prices fall further, the spread between those obligations and the company’s ability to fund them through equity issuance or operating cash narrows.

The 32 BTC sale confirmed that the option to sell exists and that management will exercise it under sufficient financial stress.

Traders who built positions on the premise of a permanent buyer now have to price in an occasional seller, and that repricing does not require a large sale to begin.

The correction’s actual anatomy

Attributing Bitcoin’s more than 12% weekly decline solely to treasury selling misreads the flow data.
US-traded spot Bitcoin ETFs saw roughly $4.4 billion in outflows over the last 13 recorded trading days through June 3.