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Strategy CEO Phong Le responded to criticism regarding the company's first sale of Bitcoin since 2022 in an interview with CNBC on Tuesday, stating that the move was a deliberate limited test aimed at demonstrating operational flexibility rather than abandoning the belief in holding assets. Between May 26 and 31, Strategy sold 32 BTC (approximately $2.5 million) at an average price of $77,135, which accounted for only 0.004% of its total holdings, but it triggered a strong market reaction.Le listed three reasons for the sale: to prove the company's ability to sell when necessary, to confirm that internal disposal processes are fully operational, and to capture tax loss opportunities. He emphasized that the sale was not due to financial difficulties, and the company did not need to sell assets to pay STRC preferred stock dividends, while still net buying about 1,500 BTC during the same period. Le admitted that the most intense criticism came from retail investors and "crypto anarchists," while institutional shareholders were not unsettled by it."We will sell when it benefits common stock shareholders." Currently, Bitcoin is priced at about $61,600, down over 40% from last October's peak of $126,198, and MSTR's stock price has fallen about 67% from its 52-week high. As of the end of May, Strategy held 845,256 BTC and resumed purchases in early June.

Tom Lee, Chairman of BitMine, the largest treasury in Ethereum, stated in an interview with CNBC that the current market is showing signs of tension, mainly due to the reallocation of funds ahead of the SpaceX IPO and the market digesting previous gains. The SpaceX IPO is expected to reach $75 billion and will be included in the Nasdaq 100 index, which means many institutional funds need to raise capital in advance, not only to participate in the IPO but also to reserve cash for establishing sufficient weighted positions in the secondary market after the listing. He believes this means institutions may sell some stocks that have recently risen significantly, putting pressure on chip stocks.Tom Lee believes that storage chip stocks and the semiconductor sector have still held their lows from last Friday, indicating that the relevant charts have not completely broken down. The current pullback is healthy and he does not believe it will disrupt the main trading line of tech stocks. The trading performance on the first day of SpaceX's listing is very important. If SpaceX performs poorly, it will provide evidence for those who believe the market has peaked. However, he stated that since many people already think the SpaceX IPO marks a peak, from a contrarian perspective, this may not be the peak.Tom Lee still believes that tech stocks will continue to lead the market upward and stated that the current pullback will be bought. He expects the market to still show a "three-phase" trend this year, with a strong upward trend continuing in the foreseeable future, but a pullback may occur later this year, potentially around the time the IPO lock-up period expires and related supply pressures arise. The subsequent second phase market pullback may be driven by three factors: the market's testing of the policy path of the new Federal Reserve Chairman Kevin Warsh, stock supply from the expiration of large IPO lock-up periods, and potential energy shortage pressures that may arise later this year.

According to The Kobeissi Letter, global investors are selling Korean stocks at an unprecedented pace. On Monday, foreign capital sold another $801 million worth of Kospi components, with a total outflow of $10 billion last week, and a net selling trend observed every trading day over the past month.According to Goldman Sachs data, foreign capital has cumulatively sold $75 billion worth of Korean stocks this year. In stark contrast, domestic retail and institutional investors have net bought $69 billion during the same period.

According to on-chain analyst Yu Jin's monitoring, a certain lending short-selling ETH whale continues to short 7,000 ETH, worth 11.83 million USD. Currently, it has collateralized 132 million USD in stablecoins on Aave, borrowed 35,000 ETH, and transferred it to Binance, worth 58.51 million USD, at a price of 1,672 USD.

According to The Block, JPMorgan analysts stated in their latest report that although Strategy's previous sale of 32 bitcoins caused market fluctuations, it was merely a symbolic operation, and the real issue lies in the lack of demand from new investors.The report pointed out that Strategy's current dollar reserves are only sufficient to cover about 6.3 months of preferred stock dividends, and it is recommended that they rebuild their dollar reserves to restore investor confidence. JPMorgan also lowered its expectations, believing that the likelihood of the U.S. crypto market structure bill (Clarity Act) passing this year is now below 50%, and has shifted to a cautious stance on digital assets as a whole.Nevertheless, analysts still expect Strategy to continue buying bitcoins and believe that the current market weakness may become a bullish reversal signal in the future.

According to 10x Research data, the cryptocurrency market experienced a significant correction last week, with the total market capitalization dropping to $2.13 trillion, a weekly decline of 14.5%, and a weekly trading volume of $117 billion, which is 47% higher than the average.Among them, Bitcoin's weekly trading volume was $47.3 billion, exceeding the average by 61%; Ethereum's weekly trading volume was $23.2 billion, exceeding the average by 77%. Although the market generally attributes this to leveraged traders, the actual majority of the sell-off came from the spot market.The report pointed out that Bitcoin's funding rate rose to 5.7% this week, with futures open interest decreasing by $3.5 billion to $21 billion; Ethereum's funding rate dropped to -6.6%, with open interest decreasing by $1.9 billion to $10.1 billion.10x Research emphasized that the "sellers" currently blamed by the market are not the real cause, and the true sellers are elsewhere, which will profoundly impact future market positioning.

The founder of the Liebit Mining Pool (B.TOP), Jiang Zhuoer, expressed his views on Strategy's decision to sell Bitcoin. He believes that Strategy will not sell a large amount of coins, but will only sell a small amount to pay interest.Jiang Zhuoer thinks that Strategy is issuing new STRC to raise funds to buy more BTC, while selling a very small amount of early low-cost BTC to realize accounting gains for paying STRC interest. This is a manifestation of its "rolling strategy." However, not selling at all would make investors suspicious of "using new money to pay old interest." Selling a small amount can generate real profits, maintain the image of "never selling coins," and facilitate continued financing.

According to Arkham monitoring, the German government has previously sold a total of 49,858 bitcoins, with an average selling price of approximately $57,900.If bitcoin drops about 6% from the current level, the price will fall near the German government's average selling price, which means that bitcoin is gradually approaching the cost range during large-scale sell-offs by sovereign institutions. Therefore, in the context of significant liquidation pressure facing the market this week, the area around $57,900 is worth paying close attention to. Since government sales typically exhibit characteristics such as non-voluntary nature and insensitivity to price, this price level may become an important reference range for the market to assess supply and demand relationships and subsequent trends.

According to monitoring by Catcher Predict, in the predicted market event "Spurs vs. Knicks" on Polymarket, the "Yes" option for the sub-market "Devin Vassell: Points O/U 2.5" has experienced a sharp fluctuation in winning probability, dropping from 93.5% an hour ago to the current 76.5% (a fluctuation of 17%). Please note the impact of related breaking news.

On-chain detective ZachXBT posted questioning BitMEX co-founder Arthur Hayes for frequently changing his views and selling tokens in a short period, asking how much exit liquidity he had received from followers in the past few days.ZachXBT pointed out that before WLD, Arthur Hayes had expressed bullish views on tokens such as NEAR, HYPE, and ZEC, and in his latest operation, after publicly expressing a strong bullish stance on Worldcoin (WLD) multiple times and giving a target far above the current price, he chose to liquidate his position in a short time.In response, Arthur Hayes stated that he was simply selling assets at market prices to buyers willing to take over according to his trading targets, and if the price continued to rise, outsiders would think his sale was a wrong decision, "this time it just happened to be a correct judgment."Subsequently, ZachXBT posted again, sharing Arthur Hayes's previous bullish comments on WLD and questioning his rapid exit from the position after loudly promoting it, sparking discussions in the community about the influence of opinion leaders on the market and the issue of "exit liquidity."Previously, Arthur Hayes had stated that he had liquidated his WLD position, claiming that the price trend was "not right," and announced his exit from that position.

According to CoinDesk, despite market speculation that some retail investors may sell Bitcoin to participate in SpaceX's record-breaking $75 billion IPO, stablecoin liquidity and on-chain data show that there are currently no signs of large-scale capital withdrawal from the crypto market.This SpaceX IPO is valued at approximately $1.8 trillion, allocating up to 30% of shares to retail investors through platforms such as Robinhood, Fidelity, and Charles Schwab, significantly higher than the traditional IPO's allocation of about 10% to individual investors. After the roadshow began, subscription demand has exceeded the issuance scale.Data shows that the outflow of USDT and USDC remains within the normal range since February this year, with no abnormal redemptions or supply contractions. In contrast, on June 6, Bitcoin and Ethereum recorded net outflows of approximately 66,470 BTC and 2.49 million ETH from exchanges, indicating that more investors are transferring assets to private wallets, showing signs of buying the dip rather than concentrated cashing out.However, on-chain data cannot reflect the trading behavior of users on platforms like Robinhood and Coinbase, so whether crypto investors are selling assets to subscribe to SpaceX stock still requires waiting for relevant brokers to release subsequent data.Currently, the most significant capital outflows are coming from spot ETFs. Data shows that as of June 3, U.S. spot Bitcoin ETFs have experienced net outflows for 13 consecutive trading days, with total redemptions of approximately $4.4 billion; spot Ethereum ETFs have seen capital outflows for 17 consecutive trading days before returning to slight net inflows.According to the plan, SpaceX will complete pricing on June 11 and will be listed on Nasdaq under the stock code SPCX on June 12.

According to Jinshi reports, the Russell 2000 index fell to a two-week low, down 2.4% latest.

Grayscale Research Director Zach Pandl stated that Strategy disclosed the sale of 32 BTC on June 1. Although the amount is small, it has triggered a new round of volatility in the Bitcoin market.He pointed out that the variable rate preferred stock STRC is trading below the $100 target level, which may prompt the company to increase dividends and add pressure on future cash flows, potentially leading to more selling pressure on BTC. At the current price levels of STRC and MSTR, Strategy's ability to further increase its BTC holdings is limited.

Jiang Zhuoer, the founder of the Liebit Mining Pool (B.TOP), stated that he has repurchased all previously sold Ethereum positions at an average price of $1,645, after clearing positions in the range of $2,200 to $2,400. Although the repurchase operation has been completed, he believes that the overall market is still in a downtrend, but Bitcoin has received support twice around $61,000 and has not effectively broken down, indicating a short-term technical rebound demand.Based on this judgment, Jiang Zhuoer expects Bitcoin to experience a rebound in the next 1 to 3 days and plans to sell the recently repurchased Ethereum positions again during the rebound process.

CryptoQuant analyst Darkfost stated that Bitcoin has dropped 14% since June, with a noticeable acceleration in the recent pullback. The inflow of Bitcoin from whales (single transactions over 100 BTC) on the Binance platform has surged, recording a peak of about 8,200 BTC on June 2, followed by over 6,400 BTC on June 4. The monthly average of whale inflows on Binance has increased from about 1,200 BTC since mid-April to now over 2,800 BTC, more than doubling in a few weeks.This indicates that the pullback is prompting whales to transfer BTC back to exchanges with the intention to sell, but this behavior seems more like emotional risk management rather than a strategic decision. The last time whale inflows reached such levels was in February when Bitcoin fell below $60,000, which will bring additional selling pressure in the short term.

According to monitoring by Catcher Predict, in the Polymarket event "Knicks vs. Spurs," the "Devin Vassell: Points O/U 3.5" sub-market's "Yes" option win rate has experienced significant fluctuations, soaring from 59.5% an hour ago to the current 75.5% (a fluctuation of 16%). Please note the impact of related breaking news.

According to Coinglass data, since May 19, the negative premium trend of Bitcoin on Coinbase has expanded, currently reported at -0.1931%, and it has been in negative premium for 17 consecutive days, indicating that the demand for BTC in the U.S. market has not yet significantly recovered, and investor risk appetite has declined.During the same period, Bitcoin has fallen from $77,000 to the current $62,000, with this round of correction possibly led by U.S. investors. The Coinbase Bitcoin premium index is used to measure the difference between the Bitcoin price on Coinbase and the global market average price; a negative premium typically reflects significant selling pressure in the U.S. market, a decline in investor risk appetite, increased market risk aversion, or capital outflows.

The wallet of FG Nexus, a Nasdaq-listed company marked by Arkham (0x4a2...b82), transferred 10,000 Ethereum on Wednesday, worth approximately $17.8 million. FG Nexus accumulated 50,770 Ethereum at an average price of $3,860 between August and September 2025, when the position was valued at about $196 million. As the price of Ethereum dropped to around $1,765, its original investment has realized and unrealized losses exceeding $100 million. As of Thursday pre-market, FG Nexus's stock price fell 13.4% to $7.11.

According to Yu Jin Detection, looking back, after Strategy's previous test sale of 32 bitcoins (approximately $2.47 million), market sentiment quickly deteriorated. In the following three days, the price of bitcoin fell by approximately $11,400, a decline of 15.6%, with a total market value evaporating by about $228 billion.In terms of funds, bitcoin spot ETFs experienced a cumulative net outflow of $1.45 billion within three trading days following Strategy's announcement of the sale, recording continuous outflows for 13 trading days, with a total scale reaching $4.37 billion. Meanwhile, several on-chain and institutional movements further intensified market concerns. Mt. Gox transferred some bitcoins to the Bitstamp trading platform; bitcoins from Tether's reserves were transferred to the Bitfinex trading platform for the first time; and the crypto asset management firm Abraxas Capital also began to reduce its bitcoin holdings.Market analysis suggests that although Strategy's sale was limited in scale, as one of the largest corporate bitcoin holders globally, its selling behavior had an amplifying effect on market sentiment, triggering a chain reaction of institutional fund outflows and multiple parties reducing their positions.