BlackRock is selling, Saylor is buying—who do you believe?

In the past 24 hours, 180,000 people in the crypto market were liquidated, with liquidation amounts totaling $984 million.

Bitcoin broke below 60,000, with a low down to 59,023. ETH also fell, losing the 1,600 level.

The 60,000 mark—everyone believed it was an “iron bottom” for the past two years. Today, it broke.

Who is selling Bitcoin? And who can still catch it?

I. “ETF = Eternal Buying Pressure”—the biggest lie of this cycle

At the end of last year, everyone was shouting: ETF approval, the bull market engine is starting. Wall Street money would flow in endlessly, and Bitcoin would never drop again.

So what happened?

U.S. spot Bitcoin ETFs have seen net outflows for more than 45 consecutive days, with cumulative outflows exceeding $7.8 billion. In 30 days, $6.35 billion flowed out, setting a historical record.

BlackRock’s IBIT had a single-day outflow of $182 million on June 23. Throughout June, BlackRock reduced its Bitcoin exposure by about $1.75 billion.

When the “regulatory-compliance narrative” ebbs, who is setting the price of BTC?

The answer is brutally simple—no one.

When ETF allocators and corporate treasury managers pull back, prices fall faster and more mechanically than in retail-led cycles in the past.

When prices rise, ETFs are rocket fuel; when prices fall, ETFs become a tailwind for the decline. Institutions have risk controls, stop-loss levels, and redemption pressure—so they won’t “HODL” like retail investors. Once the price drops, risk-control models automatically cut positions, which leads to further drops, and then more cuts after that.

II. Miners are selling, Saylor is holding—but how long can he hold?

A JPMorgan report shows that Bitcoin has been below the average production cost of $78,000 for five straight months. About 20% of miners are operating at a loss.

In the first quarter of this year, listed mining companies sold more than 32,000 BTC—more than the total for all of 2025.

Miners are selling. Because they have to pay electricity bills.

Then what? Saylor is still buying.

Strategy currently holds 846,842 BTC, with an average cost of $75,658. It bought another 520 coins last week.

But here’s the problem—

With Bitcoin trading at under 60,000, Saylor’s unrealized paper loss is already more than $13 billion. His common stock has fallen for the sixth consecutive trading day, dropping to its lowest level since February 2024.

The market is repricing the entire “MSTR flywheel.”

When BlackRock begins selling, can Saylor’s buying alone still support market confidence?

One person, one company—can’t hold up a market worth tens of trillions.

III. Tomorrow—this is the real battlefield

On June 26, approximately $10 billion worth of Bitcoin options expire at the quarter’s end.

Analysts point out that at the 60,000 strike price, Put options positions amount to as many as 4,620 BTC, forming a strong “Put wall.” The 59,000 to 62,000 range shows clear positive Gamma; market makers’ hedging behavior will suppress volatility, temporarily pinning the price within this band.

But note—“temporarily pinned” does not mean “the bottom.”

If 60,000 cannot be effectively reclaimed before settlement, the bears will hold an absolute psychological advantage in Q3.

Once the 60,000 integer threshold is confirmed to have broken downward, where is the next psychological support—55,000? 50,000?

Nobody knows. But the market will find the answer on its own.

“ETFs turned Bitcoin from a retail toy into an institutional tool—and tools can be discarded at any time.”

Don’t put your faith in “eternal buying pressure.” There is nothing eternal in this world, except cycles. #0成本拿2股SK海力士 #以太坊基金会重组降本 #TradFiCFD黄金大师赛 $BTC $ETH $SOL