June 12, 2026 MicroStrategy sells coins, has the crypto world collapsed?

This time, Bitcoin dropped from over 80k all the way down to 590. Many people think that MicroStrategy's two small sales caused this, one at 441 and another at 36. Because they sold Bitcoin, it triggered market panic, leading others to follow suit and sell off. I don't think that's the case!

As a company, they financed to buy Bitcoin, with a cost basis around 760, while also boosting their stock and distributing interest to investors. You see a lot of discussions about this online. If you're not very professional, it might seem very complicated. Actually, it's quite simple: you give me money, I give you interest. The only thing is, this interest is a bit high, over 10%. Don't worry about those issuing stocks first, dividends, or various derivatives. The core is what I just explained.

As a company, it's impossible to stay absolutely unchanged because they need to survive. They need to be responsible to investors, not retail traders. Retail traders' gains or losses have nothing to do with them; we haven't invested in them or brought them benefits. Buying and selling Bitcoin is completely controlled by them. Don't just be happy when MicroStrategy's Bitcoin rises, or blame them when it falls. I remember a few times when Bitcoin dropped sharply, MicroStrategy's buying prevented it from following the US stock market down, stabilizing around 90k, which was clearly a market defense. I don't believe MicroStrategy's flag of "never selling"—that obviously sounds like a call to buy or sell, but I don't blame them. After all, even Baobei Er Ye, Sun Yuchen, and even the Chinese richest person CZ make calls. You need to recognize this yourself. Arthur also called out WLD and ZEC, hype. The key is to improve your own understanding, not to listen blindly or believe everything, but to analyze independently and think critically. Don't be led by the rhythm.

Actually, this big drop isn't scary. In 2024, major players in Germany sold tens of thousands of Bitcoins, causing Bitcoin's price to drop from over 70k to over 50k. Japan raised interest rates, causing a plunge from 690 to 490. Thousands of Bitcoins in Mentougou are waiting to be sold, which pushed Bitcoin down to 490, then quickly rebounded to 60k. This time, MicroStrategy didn't sell a large amount. If they had sold a lot, Bitcoin could have fallen to 20-30K or even lower. The basic logic of rise and fall still depends on the comparison of buying and selling volume. To add, when Bitcoin was over 80k, BlackRock held about 780k coins. Recently, although they've been selling, their holdings are around 820k. Overall, the amount of Bitcoin they hold has increased as the price dropped! The increased volume can fully offset what MicroStrategy sold.

Then the question is, who is really dumping the market? Why are they doing it? It’s definitely not me! Actually, the rise from 650 to 830 during the US-Iran conflict was abnormal. Looking at the daily charts during that period, it was a clear pattern of "enter three, retreat two," which indicates manipulation by big players, institutions, or exchanges colluding to push short positions. The details of the battle suggest it should have fallen below 650 to the five-figure range, but what was destined to happen still did. The market makers got greedy, and Bitcoin quickly dropped to 591. Then MicroStrategy sold coins, the US-Iran conflict continued, completing the decline that should have happened back in March-April. It just arrived a few months late.

I remember once saying that the earliest narrative for Bitcoin was consensus: the supply is fixed, decentralization counters human dishonesty. Later, it was about recognition and then the approval of ETFs. The world's largest institutions entered, including the US strategic reserves and corporate treasuries. Where is its future momentum? AI computing power anchoring Bitcoin's token, stablecoins, and international payment systems.

Trading requires reverence for the market, but also full confidence in your own judgment. I hope the crypto world gets better and better in the future.