TLDR
- Tom Lee of Bitmine Immersion says Strategy’s bitcoin sale and ETF outflows are classic market bottom signals, not warning signs
- Michael Saylor sold just 32 BTC worth $2.5 million — only 0.004% of Strategy’s 843,700+ BTC holdings
- The sale was made at an average price of $77,135 to fund preferred stock dividend payments
- U.S. spot bitcoin ETFs saw 11 consecutive days of outflows totaling $3.4 billion — the longest streak since launch
- Bitmine bought 111,942 ETH worth ~$237 million last week, bringing total holdings to nearly 5.4 million ETH
Tom Lee, chairman of Bitmine Immersion Technologies, says the recent wave of bitcoin market anxiety is nothing unusual. He believes the current sell-off behavior from institutions and insiders is exactly what you’d expect at the bottom of a market cycle.
The concern started when Strategy’s Michael Saylor sold 32 bitcoin — the firm’s first bitcoin sale in nearly four years. The sale was made at an average price of $77,135 and raised roughly $2.5 million to help cover preferred stock dividend payments.
That move rattled some investors. Saylor has long been one of bitcoin’s most prominent corporate backers, so even a small sale drew attention.
But Lee pushed back on the idea that it signals any change in direction.
“Michael said he was planning to sell bitcoin, so he’s following through on what he was going to do,” Lee said. “At the end of the day, he’s still got 99.99% of his bitcoin, and he only makes money if bitcoin goes up.”
A Microscopic Sale in Context
Strategy still holds more than 843,700 Bitcoin. The 32 coins sold represent just 0.004% of that total. Wall Street analysts have broadly agreed the transaction does not change the firm’s core bitcoin accumulation thesis.
The sale appears to have been a routine financial move rather than a strategic shift.
ETF Outflows Raise Questions
Adding to the unease, U.S. spot bitcoin ETFs recorded 11 consecutive days of outflows totaling $3.4 billion. That is the longest outflow streak since the funds launched in January 2024.
Lee says this is not a red flag. He describes these outflows as a trailing indicator — something that typically happens as a market cycle resets, not before a deeper collapse.
“This is what you expected at the bottom,” Lee said. “People sell at the bottom, right?”
Despite the negative short-term price pressure, Lee confirmed Bitmine’s overall strategy is unchanged.
Bitmine itself has been buying ether. Last week, the firm made its largest ETH purchase since December, acquiring 111,942 ether worth around $237 million at current prices.
That purchase lifted Bitmine’s total ETH holdings to nearly 5.4 million ether — about 4.47% of the entire circulating supply of the asset.
Lee confirmed the firm’s ether accumulation plans remain on track, even as broader market sentiment stays cautious.
The message from Lee is straightforward: what looks like trouble to some is, in his view, a familiar pattern that shows up near market lows — not at the start of a longer decline.
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