Bitcoin has fallen to nearly $59,000 after falling more than 20% in a week, prompting Michael Saylor to respond publicly after CNBC host Jim Cramer blamed him for the cryptocurrency’s latest selloff.
Summary
- Michael Saylor backtracked after Jim Cramer blamed him for Bitcoin falling below $60,000 following Strategy’s sale of 32 BTC.
- CryptoQuant and Citigroup argued that the ETF outflows and whale selling have had a much larger impact on Bitcoin than the Strategy transaction.
- Grayscale analysts Peter Schiff and Charles Schwab focused on Strategy’s funding model and Bitcoin’s long-term bear market trend.
Publish to X as Bitcoin (btc) slipped below the $60,000 level, Jim Cramer wrote that “Saylor murdered Bitcoin,” pointing to Strategy’s recent Bitcoin selloff and the sharp market decline. The comment came after Bitcoin suffered more than $450 million in long liquidations and hit its lowest level in nearly two years.
Responding shortly afterward, Strategy CEO Michael Saylor dismissed the allegation, writing that the fall was “just a flesh wound.”
Strategy revealed earlier this week that it sold 32 BTC after opening trading on Monday. Although the transaction represented only a small fraction of the company’s Bitcoin holdings, the move attracted attention because Saylor has spent years publicly advocating a buy-and-hold approach to the asset. Bitcoin and Strategy shares came under pressure following the disclosure.
As reported Earlier on crypto.news, Cramer argued that the sale altered investors’ perceptions of Bitcoin’s previous rally. Based on his comments, many traders had seen Strategy’s aggressive accumulation program as an important source of support for the market.
He described the company as a key factor behind the rise of Bitcoin, stopping short of calling the situation market manipulation.
ETF outflows have come under scrutiny by analysts
Several market observers rejected the idea that Strategy’s sale was responsible for Bitcoin’s decline.
Ki Young Ju, CEO of CryptoQuant argument that focusing on Saylor overlooks much greater selling activity by long-term Bitcoin holders.
“Can we really compare the 1.24 million BTC that the OG whales sold to Saylor and the ETFs over the last two years with the 32 BTC that Saylor sold?”
Ju added that Bitcoin would likely trade at lower levels today without spot purchases of Strategy and Bitcoin ETFs.
While Ju rejected claims that Saylor caused the crisis, he said he remained open to evidence-based analysis that challenged his point of view. In his assessment, blaming Strategy for Bitcoin’s collapse was not supported by available market data.
Citigroup analysts reached a similar conclusion in a recent note. According According to the bank, investors may be paying too much attention to Strategy’s sale while overlooking persistent withdrawals from US spot Bitcoin exchange-traded funds.
Data from SoSoValue showed that Bitcoin spot ETFs recorded $2.43 billion in net outflows during May. Another $1.4 billion left the funds during the first three days of June. Citigroup said ETF demand remains one of the biggest drivers of Bitcoin prices and suggested those outflows have had a much larger impact on market performance.
Concerns persist over Strategy’s funding model
Elsewhere, some analysts focused less on the sale itself and more on what it might indicate about Strategy’s future.
Economist Peter Schiff argued that Strategy’s Bitcoin treasury model relies heavily on its ability to continue raising capital through the stock markets. According to Schiff, the company could face increasing pressure if MSTR shares lose their premium and make future fundraising difficult.
a separate report from Grayscale Research also highlighted potential funding challenges. Grayscale said the falling share prices of MSTR and STRC could make it difficult for Strategy to expand its Bitcoin holdings. The firm added that if STRC trades below its forecast level, Strategy may need to increase dividend payments, increasing cash obligations and potentially increasing the likelihood of future Bitcoin sales.
Despite those concerns, Grayscale said a drawdown in Bitcoin concentrated on highly leveraged corporate balance sheets could benefit the market over time by spreading ownership among more treasury companies.
Meanwhile, Jim Ferraioli, head of digital currency research and strategy at Charles Schwab, argued that the market may be looking for a simple explanation for a trend that began months ago.
According to Ferraioli, Bitcoin has been in a bear market since October 2025, when it reached almost $126,000 before entering a prolonged decline.
Ferraioli saying Bitcoin’s weakness is mainly due to the loss of momentum that previously attracted capital to the asset. Because Strategy’s sale occurred near the end of an eight-month downtrend, he argued that it is difficult to identify the transaction as the root cause of Bitcoin’s latest losses.
