MicroStrategy has also started selling coins, but what really sends a chill down my spine isn’t their selling.

The man who once swore "never sell Bitcoin" has softened his stance today. With such a massive bearish signal, Bitcoin surprisingly didn’t crash—it’s still stubbornly holding around the $60k mark. Sounds like good news? Wrong. That’s precisely the scariest part—it’s not that the negative news was digested; it’s that there are hardly any people left in this market to be scared. The money is gone, and so are the people. Let me be honest with you: a decent rebound in crypto in the second half of the year? Tough, very tough. I’m already shifting my focus toward U.S. stock futures and prediction markets.

Okay, let’s get into it.

Yesterday, MicroStrategy launched a "Digital Credit Capital Framework." In plain English: they can sell Bitcoin from now on. Why? To raise liquidity, pay off interest for the next 12 months, issue dividends, and keep the company running. The framework breaks down into a few parts: replenish U.S. dollar reserves, raise the preferred stock dividend from 11.5% to 12%, buy back shares, and add a Bitcoin monetization plan—up to $1.25 billion worth of coins can be sold.

When the news came out, their stock price rose about 12%. But, folks, don’t let that 12% fool you.

How did analysts used to describe MicroStrategy? "A Bitcoin vault that only buys, never sells." Now? It’s turning into a trading company. What’s behind this shift? Real survival pressure in a bear market. Simply put, they’re raising funds first, staying alive first, and partially dismantling the big Bitcoin game to ease the pressure—before they’re forced to liquidate and completely collapse.

By now, you’re probably thinking: "Isn’t this huge negative news? The most steadfast believer has started selling."

Yes, it’s negative. But Bitcoin hasn’t crashed. It’s just flatly holding around $60k, acting like nothing happened. I stared at that screen for a long time, and the more I looked, the colder I felt.

Here’s another blow: besides MicroStrategy, institutional spot ETFs have seen net outflows for seven consecutive weeks. This isn’t a one- or two-day thing—it’s institutions queuing up to exit for over a month. On one hand, the leading figure is loosening up on selling coins; on the other hand, institutions are collectively retreating. When you stack these two signals together, who’s left to step in and catch the falling knife? Retail investors? They’ve already lost their shirts—including me.

So where’s the money going? Where’s the attention going?

Just open an exchange and you’ll see. The entire screen is now pushing World Cup predictions and U.S. stock trading pairs, hawking them at full volume. Sports betting is no smaller than crypto—in fact, more people believe they can make money from betting than from virtual currencies. Add in U.S. stock futures, and both capital and attention are being siphoned away by these things. Over on the crypto side? Fewer opportunities, and neither capital nor attention is with us anymore.

This is the real picture right now, folks. It’s not that crypto is dead—it’s just been sidelined by the market for now, with no love.

It’s bound to be a tough stretch.