After Bitcoin fell below $64,000, market focus shifted to two new developments: Strategy disclosed the sale of 32 BTC, and U.S. spot Bitcoin ETFs experienced continuous net outflows in May and early June. The combination of these two factors has raised further questions about the strength of institutional and corporate buying support.
Strategy sells 32 BTC
According to reports, the amount of Bitcoin sold by Strategy was not large, but because the company has long been regarded as a representative of corporate Bitcoin holdings, any reduction in its holdings is amplified by the market. CNBC host Jim Cramer said this move has drawn attention because many investors have previously viewed the company as a key source of support during Bitcoin’s price rallies.
Cramer said that the market had generally viewed Michael Saylor’s continuous purchases of Bitcoin as one of the key factors supporting its elevated price. Following this disclosure, some traders have begun reassessing the underlying drivers of the previous rally. He also mentioned that he may need to reconsider his previously bullish stance on Bitcoin.
ETF funds continue to flow out
The funding environment is also under pressure. According to SoSoValue data, U.S. spot Bitcoin ETFs recorded a net outflow of $2.43 billion in May, and another $1.4 billion in the first three trading days of June. Continued withdrawals indicate a weakening in institutional demand compared to previous levels, amplifying market concerns about short-term price movements.
The article argues that, as expectations of corporate buying pressure ease, outflows from ETFs have further weakened support for Bitcoin. The market has been under sustained pressure since the flash crash last October, and the latest flow data has intensified pessimistic sentiment.
- In May, U.S. spot Bitcoin ETFs experienced net outflows of $2.43 billion.
- Net outflow of $1.4 billion over the first three trading days of June
- Strategy discloses the sale of 32 BTC
Market divergence continues to widen
Apart from Cramer, Peter Schiff, a long-term Bitcoin bear, also criticized Saylor’s holding strategy again. He argued that for the strategy to continue supporting the market, it must keep buying even as other investors sell—and this depends on whether the company can continue raising funds through stock issuance.
Bitwise advisor Jeffrey Park offered an alternative explanation, suggesting that some funds may be withdrawing from Bitcoin in preparation for potential initial public offering opportunities, such as those involving SpaceX and Anthropic. While this interpretation does not alter the fact of ETF outflows, it highlights that market participants remain divided on where the capital is going.
Overall, despite the limited scale of Strategy’s recent sell-off, market reactions indicate that investors remain highly attentive to every move made by major corporate crypto holders. In the context of ongoing ETF outflows, such signals are more likely to be viewed as amplifiers of weakening sentiment.