The myth of "never selling coins" is shattered! Saylor sells 32 BTC, exposing cracks in market trust: Who would have thought that Michael Saylor, the leader of MicroStrategy, who shouted "I will take BTC to the grave," would actually betray?
For the first time in 4 years, Michael Saylor's company MicroStrategy sold 32 BTC, cashing out about 2.5 million dollars (average selling price about 77,135 dollars per coin) to pay for preferred stock dividend obligations. This is certainly not a deliberate public relations stunt, but a genuine financial arrangement for the company — the preferred stock requires about 1.5 billion dollars in dividends annually, and selling coins is just one small part of the funding sources. Although the scale of the sale is negligible (only accounting for 0.0038% of its 843,000+ BTC holdings), the symbolic significance far exceeds the actual selling pressure:
It breaks Saylor's "Never Sell" rule that lasted for many years, leading to an immediate crack in market trust.
The average selling price is significantly higher than the company's average holding cost (approximately 75,699 dollars per coin), this round of high-level selling was genuinely profitable, but the entire market panicked and sold off due to "trust collapse."
The company recorded a historic loss of 12.5 billion dollars in Q1 (mainly due to BTC float loss), and this small sale further magnified the narrative of "institutional selling."
KOL consensus: This is not just simple selling, but a trigger for a chain reaction of leverage + emotions.
Clearly stating that "the symbolic meaning of high-level selling far exceeds the actual, and cracks in market trust have appeared";
International analysts emphasize that "the main reason is the rotation of AI funds + ETF outflows, Saylor is just the last straw that broke the camel's back." Market real-time performance (data as of the latest CoinMarketCap on June 4, 2026)
Bitcoin (BTC): about 63,167 USD, 24h +5.05%. Market cap about 1.27 trillion dollars, 24h trading volume 57.4 billion dollars.
Ethereum (ETH): about 1,766 USD, 24h +4.58%. Market cap about 213 billion dollars, 24h trading volume 27.4 billion dollars.
Whole market: Total market cap 2.21 trillion dollars, 24h -3.89%. BTC dominance rate 57.5%, ETH dominance rate 9.7%. Fear & Greed Index is only 20 (extreme fear), sentiment is extremely pessimistic.
AiCoin today's trend summary: Although BTC/ETH has a slight rebound, the overall market is still declining, showing a "the strong are slightly stronger, the weak are weaker" differentiation. The Chinese and English communities on platform X are discussing "BTC plummeting," the whole network is in discussion, and short-term sentiment remains fragile. Recent plunge background (not an isolated event)
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In 2025, BTC once surged to an all-time high of 125,000 dollars, and in 2026 entered a clear adjustment period, having fallen nearly 50% from the peak. Since the opening in June, the trend has remained weak:
June 1-4: BTC once fell below 62k, approaching 60k, with ETH falling back to around 1,700 dollars simultaneously.
In recent days there have been multiple single-day drops, accompanied by tens of billions in leveraged long positions being liquidated.
Today's rebound is merely a short-term technical correction and has not changed the overall downward trend.
Major reasons for the plunge (market + macro + on-chain comprehensive)
1. ETF funds continue to drain on a large scale: BTC ETFs have experienced net outflows for several consecutive days/weeks, with nearly 3 billion dollars in cumulative outflows in May; ETH ETFs are also accelerating outflows, with institutional withdrawals being the core suppression.
2. MicroStrategy's symbolic sell-off: As mentioned, the first sale of BTC triggered panic sequentially.
3. Macro and fund rotation: Geopolitical tensions (US-Iran situation) raise safe-haven demands; funds are moving from crypto to high-performing assets like tech stocks, AI IPOs, and gold.
4. Leveraged + liquidation vicious cycle: A significant drop triggers further forced liquidations.
5. Seasonal + sentiment factors: Historically, June is weak for BTC/ETH, and this year, compounded by institutional selling, amplifies the decline. The ETH/BTC exchange rate is nearing a 7-year low, performing even worse.
BTC vs ETH today’s differences
BTC: As "digital gold" it is relatively more resilient, clearly rebounding in 24h, with high dominance.
ETH: Facing more pressure due to ETF outflows and unfulfilled upgrade expectations; although long-term holders are adding positions, a reversal in the short term is difficult.
1. Trust Collapse and Billions in Losses: Dissecting the Macro Chain Reaction Behind MicroStrategy's "Cash Out"
This round of flash crashes is not just a black swan caused by a single factor but a combination punch of institutional de-risking, high-leverage liquidations, and faith collapse.
📊 Analysis of core viewpoints from Wall Street hedge funds and top KOLs:
Saylor's "open paths, secret channels": MicroStrategy's high-level sell-off of 2.5 million dollars broke the industry consensus of "Never Sell." In the extreme adversity of MSTR stock price plummeting and the company's BTC holdings experiencing a 11 billion dollar paper loss, the cashing out of these 32 BTC has been interpreted by many retail investors as a signal of "institutional defensive retreat," triggering overwhelming panic selling.
ETF has become a huge siphon: In May, Bitcoin ETFs saw cumulative net outflows of nearly 3 billion dollars, with redemption pressures persisting since the opening in June. The Federal Reserve's stubborn inflation headwinds and geopolitical tensions (like the US-Iran situation) drive Wall Street powers to move funds massively to tech stocks and AI sectors.
ETH/BTC exchange rate sliding to a 7-year low: Compared to BTC's safe-haven properties as digital gold, ETH is faced with the dual blows of continuous ETF outflows and missing upgrade expectations, leading to extremely weak rebound momentum. However, the counter-cyclical resilience of certain privacy coins (like ZEC) and the accumulation of OI (open interest) indicate that smart money has quietly built defensive positions in certain segments.
Risk warnings and outlook (not investment advice)
Short-term (24-48h): In an extreme fear zone, rebounds are likely to encounter selling pressure, and support levels may undergo further testing.
Mid-term: If ETF outflows slow down and macro risks ease, there may be a rebound; otherwise, continued oscillation downwards.
Key observations: ETF fund flows, subsequent moves by Strategy, liquidation volumes, and rebounding Fear & Greed Index.
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"After shouting never sell coins for 4 years, in the end, 32 coins were surrendered for preferred stock dividends. Saylor, with a paper loss of 11 billion, precisely cashed out at the high position, leaving the retail investors with shattered calculations.
The scenario of over 1 billion longs getting wiped out and the panic index plunging to 20 tells us: In the crypto world, never trust the faith of any large holder. The current technical rebound is likely to encounter secondary selling pressure, and holding onto cash can only watch the principal decline.
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