At 10 a.m. EDT, bitcoin was trading between $63,500 and $64,500. The asset is down 26.5% year-to-date, 11.8% over the past week, and more than 20% during the last 30 days. It also sits roughly 48% to 49% below its October 2025 all-time high just above $126,000.

The controversy centers on a June 1 filing from Strategy, the company formerly known as Microstrategy and led by executive chairman Michael Saylor. The filing disclosed that the firm sold 32 BTC between May 26 and May 31 for roughly $2.5 million to fund dividend payments tied to its STRC perpetual preferred stock.

The transaction was tiny relative to Strategy’s holdings. At the time, the company held 843,706 BTC acquired at an average cost of about $75,699 per coin. The 32 BTC sale represented approximately 0.0038% of those holdings.

Despite its small size, the sale attracted significant attention because it broke a long-standing narrative associated with Saylor and Strategy. For years, the company was viewed as one of the strongest corporate advocates of a buy-and-hold bitcoin strategy.

The disclosure also arrived during a period of market weakness. Strategy shares fell around 7% yesterday, on June 3, while bitcoin slipped below key price zones and liquidations increased. MSTR shares, however, are up 3% before the mid-afternoon trading session on Thursday, June 4. Some market participants viewed the move as evidence of financial pressure rather than a routine treasury decision.

Saylor argues that the primary driver of bitcoin’s weakness is not Strategy’s sale but a broader shift in capital allocation. Specifically, the booming AI sector.

In a recent post on X, Saylor stated that approximately $400 billion flowed into artificial intelligence infrastructure over the last six months, while U.S. spot bitcoin ETFs experienced roughly $4 billion in outflows since mid-May. He described the trend as a capital rotation rather than a deterioration in bitcoin’s fundamentals.

“Capital markets are funding the AI buildout at historic scale: ~$400B over 6 months,” Saylor wrote. “ Bitcoin ETFs have seen ~$4B of outflows since May 14, pressuring BTC. This is a capital rotation, not a bitcoin impairment. Volatility creates opportunity.”

That argument has support. Multiple ETF tracking services have recorded substantial redemptions from spot bitcoin funds, including several sessions with more than $500 million in net outflows from large players like Blackrock. Some analysts estimate ETF flows account for a significant share of short-term bitcoin price movements.

At the same time, major technology companies, including Microsoft, Alphabet, Amazon, and Meta are projected to spend hundreds of billions of dollars on AI-related infrastructure, creating fierce competition for investor capital.

These companies are seeing their valuations climb at a staggering pace, with Nvidia now standing as a $5.197 trillion titan. Alphabet (Google) carries a valuation of $4.426 trillion, while Microsoft commands $3.201 trillion as of today.

Critics argue that Saylor’s explanation overlooks the psychological impact of the sale. While mechanically insignificant, the transaction challenged the perception that Strategy would never sell bitcoin under any circumstance. That shift in perception may have amplified bearish sentiment during an already fragile period.

Peter Schiff, a longtime bitcoin critic, rejected Saylor’s interpretation, writing on X: “This isn’t volatility, it’s a collapse in price as investors dump Bitcoin to avoid larger losses or to seek out better investment opportunities. It’s a rejection of your entire thesis.”

For now, market data suggests both forces may be influencing price action. ETF outflows provide measurable selling pressure, while Strategy’s sale introduced new questions about the corporate bitcoin treasury model. As bitcoin attempts to stabilize above recent lows, traders will likely continue watching fund flows, corporate treasury activity, and broader capital movements across technology and crypto asset markets.

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