On June 4, 2026, Bitget Chief Executive Officer (CEO) Gracy Chen publicly criticized Michael Saylor, CEO and co-founder of Strategy, after his recent Bitcoin sale, stating that his actions and statements have undermined trust in the flagship coin. Chen highlighted market realities, such as Spot ETF outflows and the shift of institutional capital toward artificial intelligence (AI), while maintaining her long-term bullish outlook on Bitcoin.
Chen has publicly criticized Saylor on X for selling his BTC. She pointed to Saylor’s earlier public claims that he would “sell a kidney before selling his coins,” arguing that the recent sale undermines that long-standing conviction narrative.
Saylor had built his reputation over more than five years as BTC’s most vocal corporate advocate. He repeatedly promoted a “HODL forever” philosophy as his firm positioned itself as a “Bitcoin Treasury Company,” relentlessly accumulating BTC through debt and equity offerings while publicly rejecting any notion of selling. The company’s strategy emphasized holding BTC indefinitely as the superior asset, never selling even during market downturns.
Meanwhile, this narrative shifted when Strategy disclosed in an SEC 8-K filing that it had sold 32 BTC between May 26 and May 31. The sale generated approximately $2.5M at an average price of $77,135 per BTC.
Chen noted that Saylor’s previous Bitcoin sale in 2022 coincided almost exactly with the bottom of the prior cycle. This time, after selling near $77,000, Bitcoin briefly dipped below $62,000 before stabilizing, drawing comparisons to the earlier market pattern.
(adsbygoogle = window.adsbygoogle || []).push({});Notably, Chen remains long-term bullish on BTC due to global monetary expansion but outlines potential downside to $59K, then $48K-$52K, advising DCA, cash reserves, and waiting for ETF inflows and liquidity improvements as stabilization signals. At press time, BTC is trading at $63,581.32, down 5.08% in the past 24 hours, with a market capitalization of $1.27T.
This comes amid broader market pressures, including record 13-day spot ETF outflows of approximately $4.37B and ongoing inflation concerns alongside expectations of limited Fed rate cuts.
Additional pressure has also come from technical weakness after BTC breached the $65,000 EMA50 support level, alongside liquidity drains tied to upcoming IPOs such as SpaceX, OpenAI, and Anthropic.
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Looking ahead, she has identified the specific catalysts needed for stabilization, which include stronger market liquidity, relief from structural selling pressure, a return of ETF inflows, and a revival of compelling crypto narratives. Until those signals appear, Chen advised investors to remain clear-headed rather than overly optimistic.
