As the market plummeted, this morning the crypto circle was shaken by a shocking news piece that was unearthed: Michael Saylor, the captain of MicroStrategy who repeatedly said "Never Sell" and treated Bitcoin as a faith, actually sold 32 BTC for the first time in four years, cashing in 2.5 million dollars!
What’s even more exciting is that as Bitcoin has retraced nearly 50% from its historical peak of $125,000 in December 2025, plummeting to around $62,000 today, some media calculated that MicroStrategy’s holding has a paper loss of a whopping 11 billion dollars!
For a while, the entire internet was mocking: “Where’s the promised vision? Even the big-eyed Saylor has cut his losses at a high price and run away, the faith has shattered all over the place!”
1. Unfolding the truth: Did Saylor really "give up and cut losses"?
Don’t rush into panic; let’s review with actual data and underlying logic, and you will find that this move by MicroStrategy is actually a performance of a “high-level trick”:
What were these 32 Bitcoins used for? The SEC's official documents make it very clear: this money is purely for paying dividends on MicroStrategy's preferred stock. This is a rigid expense in the company’s financial structure and constitutes a routine operation.
What percentage of the holdings do they represent? These 32 Bitcoins account for only 0.0038% of MicroStrategy's vast total holdings! This is like a millionaire who drops a two-dollar bus ticket while going out; it cannot be described as “faith collapsing.”
As for the 11 billion “loss”: MicroStrategy’s average acquisition cost is much lower than it is now. The “loss” heavily sensationalized by the media is actually a comparison against the “profit retracement” from the $125,000 peak period. However, the symbolic significance of this “self-inflicted injury” tactic is so great that it directly became the trigger for this round of panic selling.
One can only say that the big players have taken advantage of the narrative of “Saylor selling coins” to play a role and benefit immensely!
2. Extreme fear! High-leverage bulls across the web suffer a chain of liquidations
In fact, Saylor selling coins was just an excuse; the real root of the market's problems is excessive leverage at high positions, with institutions mechanically retreating:
1. ETFs continuously bleeding: In May, it set the largest monthly outflow since 2026 (about 3 billion dollars), and at the start of June, institutions continued to mechanically slam the market for several consecutive days, with funds beginning to rotate into AI stocks and gold.
2. Bull scraping: Today, nearly 1 billion dollars of liquidations occurred across the web, with long positions accounting for over 800 million.
3. Fear index dropping to zero: The current Fear & Greed Index has fallen to 20 (extreme fear). The communities on X (Twitter) in both Chinese and English are silent, filled with wails of “BTC plummeting.”
Currently, although Bitcoin has slightly rebounded by 5.05% in the last 24 hours to around $62,000, Ethereum has rebounded to $1,700. But this is simply a typical “technical recovery after a liquidation and deleveraging,” and the total market value of all cryptocurrencies (2.21 trillion) continues to decline, presenting a pattern of “the strong getting stronger and the weak getting weaker.” Many high Beta altcoins have directly dropped by 15%-20%.
Next, the $60,000 integer level will be the most critical psychological defense line for the entire market. The aftershocks of emotions are still present; the dull knife is the hardest to endure. While smart money is buying the dip, the short selling power has not fully released.
3. Volatility maxed out! Start your derivatives defense war on Bybit
In this “extreme fear, high-frequency spikes, double killings of long and short” pattern of extreme differentiation, if you foolishly hold onto spot for dear life, it's easy to be tormented to the point of a mental breakdown. Wise hunters are currently using Bybit’s contract derivatives for multidimensional hedging:
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Offensive strategy (right side to catch rebounds): The fear index at 20 means that most of the risks have been released. Once you see a sharp decrease in on-chain liquidations on Bybit and Bitcoin forming a double bottom support near $60,000, directly use Bybit’s extremely deep liquidity and low spreads to enter long positions, capturing profits from a reactive rebound!
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Those who waited for a significant drop last night were not wrong; it’s just that the market didn't provide the depth they wanted. Don’t let this super volatility after the leverage liquidation slip away; first, grab a wave of experience funds, keep an eye on $70, and if you win, it's yours; if you lose, there's a buffer!
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🚨 Disclaimer: The above content is for reference only and does not constitute any investment advice. Investing in the crypto market still requires you to bear market risks, regulatory risks, and local legal and compliance risks. Please participate rationally according to your own situation and strictly manage risk control.
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