Michael Saylor · Bitcoin · Strategy · CoinDesk
Bitcoin isn't crashing because of Saylor, it's losing the momentum trade
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Bitcoin's BTC $ 66,924.57 recent struggles to rise in tandem with U.S. stocks have sparked a wave of explanations, from concerns about Michael Saylor's (MSTR) bitcoin selling to questions about whether institutional demand is beginning to fade.
Key facts
- In fact, on May 26, there was a massive $1.26 billion block sale of BlackRock’s IBIT bitcoin ETF off-exchange
- The crypto asset has lost more than 16% of its value in the past month, while U.S. stocks, the S&P 500 is up 5% over the same period, have climbed to all-time highs
- Bitcoin's BTC $ 66,924.57 recent struggles to rise in tandem with U.S. stocks have sparked a wave of explanations, from concerns about Michael Saylor's (MSTR) bitcoin selling to questions
- Charles Schwab director of digital currencies research and strategy Jim Ferraioli sees a simple explanation: Bitcoin is losing the momentum trade
Summary
Bitcoin’s recent underperformance is less about fading institutional demand or Michael Saylor’s sales and more about losing its status as the market’s dominant momentum trade, according to Charles Schwab director of digital currencies research and strategy, Jim Ferraioli. Capital that once chased speculative gains in crypto is increasingly flowing to other hot narratives such as gold, artificial-intelligence-related stocks and IPOs, often via crypto-native platforms that now enable trading of non-crypto assets. Despite growing institutional adoption, regulatory progress and expanded ETF access, bitcoin remains primarily a retail, momentum-driven asset, and seasonal weakness plus investors’ desire to exit at breakeven have left it struggling to attract fresh buying.