Here’s a pretty face-slapping story in the crypto market recently: MSTR—who used to brag about “never selling a single Bitcoin” (and has since changed its name to Strategy)—not only secretly sold coins, but even wrote “selling coins” directly into its official制度.

This time they launched a $1.25 billion “Bitcoin monetization plan.” In the first batch, they already sold 3,588 BTC, raising $216 million, which they used to pay dividends to preferred shareholders. Do the math: their average cost basis is roughly $75k per coin; selling at around $60k means they basically bought near the top and sold at mid-slope—just on this trade alone, they reportedly lost more than $75k in net terms.

Even more interesting is that they also created their own “Bitcoin-native credit model.” Basically, they set up a scoring system and use their stash of 844k BTC (about 4% of the total supply across the network) to rate their own debt repayment capacity. Previously, the narrative was built on “hoarding faith.” Now it’s about using Bitcoin as collateral to run capital operations.

For ordinary holders like us, the most immediate feeling is emotional discomfort—when the benchmark believers start selling, it inevitably makes people panic. But honestly, while $60k sounds huge, it’s only about 2.5% of their total holdings. The actual selling pressure isn’t that dramatic—what’s hit harder is the psychological impact.

But looking at the medium term, it’s not as optimistic. MSTR used to be the biggest institutional buyer in crypto—at its peak, it accounted for around 70% of net institutional inflows. Now they not only aren’t adding, they’ve flipped and become sellers. With that stable big buyer gone, it will be harder for the market to rise later.

Looking further out, though, it might not necessarily be a bad thing. In the past, people only knew to hoard Bitcoin and wait for it to rise; now more people are gradually treating it as a legitimate credit asset—issuing debt and using it as a repayment endorsement. That’s actually moving toward a more mature kind of asset, even though the process will definitely be grinding.

As for the market, Bitcoin will most likely keep chopping and grinding lower in the short term, because when “faith” breaks, it still needs time to digest. The key point is to wait for their Q2 earnings report on July 30, to see the specific cadence of selling and their next plans.

As for MSTR itself, you don’t need to say more—it has always been Bitcoin’s “leveraged ETF.” Now that the faith buff is gone, the volatility will only get crazier. If you don’t have the heart for it, don’t touch it. Those concept stocks tied to Bitcoin generally move with the overall market too—don’t rush in just because someone talks up “good news.”

To sum it up in one sentence: in crypto, there is never such a thing as everlasting faith—only everlasting interest. The “preachers” who once shouted “never sell until death” turned around and started playing capital operations. It’s very realistic, even if it’s also completely normal. Real gold and silver in hand beats any slogan. $SOL $ETH $BTC #BTC