Bitcoin Dives as Saylor Breaks Promise Not to Sell BTC
Bitcoin (BTC) lost 3% in 24 hours to $71.4, underperforming a flat S&P 500 as Michael Saylor, Strategy Inc. chairman and co-founder, sold 32 Bitcoins for roughly $2.5 million between May 26 and May 31 to fund preferred stock dividend payments.
Saylor spent years saying the company would hold its Bitcoin no matter what. The 32 coins were sold at an average price of $77,135 each, reducing total holdings to 843,706 Bitcoin worth around $61 billion.
Strategy’s average purchase price is $75,699 per coin, putting the total acquisition cost at roughly $63.9 billion and leaving an implied paper loss of approximately $2.9 billion at current prices.
The sale came the same week Strategy sold 801,994 MSTR shares for $128.3 million under its at-the-market program, though none of those proceeds went toward Bitcoin purchases during the period.
BTC has been on a decline primarily driven by a record streak of institutional selling via U.S. spot ETFs. BTC dropped on sustained institutional outflows from spot Bitcoin ETFs, nearing $3 billion over ten consecutive days, removing a key source of buying support.
U.S. spot Bitcoin ETFs have posted 10 straight days of net outflows, draining nearly $3 billion since May 15 and turning year-to-date flows negative for the first time in 2026.
This persistent institutional selling forces issuers to sell Bitcoin into the market, creating sustained downward pressure. The primary pillar of 2025-2026 institutional demand has weakened significantly, shifting the market’s supply-demand balance.
Daily ETF flow data from sources like Farside Investors; a halt in the outflow streak would be the first sign of seller exhaustion. The price drop triggered a sharp rise in forced selling via liquidations. Bitcoin long liquidations totalled $47.58 million in 24h, up 432%. These derivatives flush added momentum to the decline.
High leverage in the system amplified a moderate decline into a more pronounced sell-off. A drop in aggregate open interest and a normalisation of funding rates signal that deleveraging is complete.
The immediate path depends on two concrete triggers: ETF flows and the $72,000–$72,650 support zone. If outflows persist and Bitcoin breaks below $72,000, the next major demand zone is near $68,000. Conversely, a reclaim of the $74,470 level could stabilise prices.
The market is in a precarious position, with bearish momentum in control until institutional selling abates. A daily close below $72,000 or above $74,470 will confirm the next directional move.
The confluence of relentless ETF redemptions and a derivatives flush has overwhelmed buyer support, establishing a clear downtrend. TRX Climbs as Robust USDT Settlement Fuels Demand
