TLDR
- Bitcoin fell below $64,000 after Strategy disclosed the sale of 32 BTC at market open.
- Strategy stock dropped about 15% following the announcement of the Bitcoin sale.
- Jim Cramer said Strategy had acted as a key trampoline for Bitcoin in prior rallies.
- U.S. spot Bitcoin ETFs recorded $1.40 billion in outflows during the first three days of June.
- Bitwise advisor Jeffrey Park said investors may be reallocating funds ahead of expected IPOs like SpaceX and Anthropic.
Bitcoin fell sharply after Strategy disclosed a 32 BTC sale at Monday’s open, while MSTR dropped about 15% and ETF outflows deepened. Jim Cramer reacted quickly and questioned whether Michael Saylor’s firm had supported Bitcoin’s prior highs. Meanwhile, data showed $1.40 billion left U.S. spot Bitcoin ETFs in early June after $2.43 billion exited in May.
Bitcoin Slides as Strategy Trims Holdings
Bitcoin traded near $74,000 on June 1 before Strategy announced the sale of 32 BTC at market open. Shortly after, Bitcoin dropped and traded below $64,000 during the session.
Strategy, listed as Nasdaq: MSTR, saw its stock fall around 15% after the disclosure. The company now reports an unrealized loss of about $10.8 billion on its Bitcoin holdings.
Jim Cramer addressed the move on social media and television segments. He said Strategy had acted as a “key trampoline for years” for Bitcoin.
He added that calling the sale manipulation would be “too strong,” yet he questioned the market reaction. Later, he described the event as Bitcoin’s “murder” and criticized the company’s timing.
Cramer stated that many traders believed Strategy had driven earlier peaks. He wrote that Saylor’s move had shaken the crypto market.
However, market data showed broader pressure beyond the company’s transaction. Bitcoin has struggled since the Oct. 10 flash crash last year.
ETF Outflows Deepen Pressure on Bitcoin
SoSoValue reported that U.S. spot Bitcoin ETFs recorded $2.43 billion in net outflows during May. In the first three days of June, investors withdrew another $1.40 billion.
These figures indicate persistent redemptions across major funds. The data reflects steady capital movement away from Bitcoin-linked products.
Bitwise advisor Jeffrey Park commented on potential drivers of the withdrawals. He suggested that investors may be reallocating funds ahead of expected IPOs.
Park referenced companies such as SpaceX and Anthropic in his remarks. He said some investors want liquidity ready for those public offerings.
Meanwhile, Bitcoin remained below $64,000 following the sharp decline. Trading volumes increased during the selloff, reflecting active repositioning.
Strategy has not announced further Bitcoin sales beyond the 32 BTC disclosed. The company continues to hold a large treasury position despite current unrealized losses.
