Michael Saylor · Bitcoin · Strategy · Bitcoin ETF · Decrypt
Strategy's Michael Saylor Blames 'Capital Rotation' Into AI as Bitcoin Dives 13%
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Strategy co-founder and chairman Michael Saylor said the flight of capital into artificial intelligence is responsible for the volatility dragging down Bitcoin —even as some point the finger at his company's own recent BTC sale.
Key facts
- Saylor’s own firm offloaded a small portion of its more than $53.8 billion Bitcoin last week, selling 32 BTC for $2.5 million
- The entire crypto market cap has slid more than 3.1% in the last 24 hours to $2.29 trillion, according to data from CoinGecko, leading to $1.74 billion in liquidations during the span
- The top crypto asset has dropped 3.7% in the last 24 hours, recently changing hands at $63,429
- Shares in the firm (MSTR) have fallen alongside Bitcoin, dipping 15% in the last five trading days to change hands around $128
Summary
Michael Saylor pointed to the unprecedented AI buildout as a reason for Bitcoin's recent decline. The Strategy chairman highlighted more than $4 billion in ETF outflows as proof of capital rotation. Bitcoin has fallen alongside MSTR shares, dipping 22% and 30% respectively over the last month. The top crypto asset has dropped 3.7% in the last 24 hours, recently changing hands at $63,429.