Strategy, led by Bitcoin advocate Michael Saylor, disclosed in a filing on Monday that it sold 32 Bitcoins between May 26 and May 31 for approximately $2.5 million, at an average price of $77,135 per coin. During the same period, the company raised $128.3 million through the sale of 801,994 common shares.
The sale marks only the second time Strategy has reduced its Bitcoin holdings and comes shortly after the company signaled a shift from Saylor’s long-held “never sell” approach toward a more active balance-sheet management strategy.The company has indicated it may sell Bitcoin if doing so improves Bitcoin-per-share metrics, supports dividend payments, or strengthens its financial position.
Strategy shares fell 5.85%, while Bitcoin was down around 2% following the disclosure.
“Bitcoin fell toward the $70,000 level after Iran suspended peace talks with the US, triggering a broader risk-off mood across global markets,” said Akshat Siddhant, Lead Quant Analyst at Mudrex.”This move pushed BTC to a seven-week low, while continued ETF outflows failed to provide price support. Investor sentiment was also impacted by Strategy’s first reported Bitcoin sale. However, whales continue to accumulate BTC with 55,450 BTC in a single day, highlighting continued long-term confidence in the asset.”
Siddhant added that the $70,000 mark remains a key support level. “A break below it could potentially open the door to a move toward $65,000.”
Institutional flows have also weighed heavily on prices. According to Vikram Subburaj, CEO of Giottus, US spot Bitcoin ETFs recorded approximately $2.1 billion in net outflows between May 18 and June 1, including a single-day withdrawal of about $733 million on May 27.
“The market is holding above the $70,000-$72,000 support band, while resistance remains concentrated around $74,500-$75,200,” Subburaj said. “Until ETF flows stabilise, that resistance zone is likely to remain difficult to overcome.”
On-chain indicators suggest the market is under pressure but not in distress. Subburaj noted that Bitcoin’s spent output profit ratio (SOPR) remains near 1.0, indicating coins are being moved close to their acquisition cost. Other metrics, including an MVRV Z-score of 0.68 and NUPL of 26.82%, suggest the market is neither overheated nor deeply oversold.
Looking ahead, investors are expected to closely monitor upcoming US economic data, including the non-farm payrolls report due on June 5, consumer inflation data on June 10, and the US Federal Reserve’s policy meeting on June 17-18.
“The more important indicators are ETF flows, on-chain profitability, and incoming US macroeconomic data,” Subburaj said. “The question now is whether institutional capital resumes accumulation after a $2 billion-plus outflow phase. That will likely determine whether Bitcoin consolidates near $70,000 or attempts another move towards $80,000.”
