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Grayscale: MicroStrategy's Bitcoin Sale Signals Need for Other Buyers to Establish Sustainable Bottom

Stocks Market Analysis Price Volatility Commodities

2026-06-05 09:56:00

BTC-5.85%

According to Grayscale Head of Research Zach Pandl, MicroStrategy's ability to accumulate more bitcoin is constrained at current share prices, suggesting that "other buyers will need to step in for bitcoin's price to establish a sustainable bottom." The comments came after MicroStrategy (MSTR) disclosed earlier this week that it sold 32 bitcoin for approximately $2.5 million at an average price of $77,135 per BTC, reducing its total holdings to 843,706 BTC. The transaction marked the first sale since December 2022. Pandl noted that while the sale was small relative to MSTR's holdings, the shift in treasury management weighed on market sentiment amid ongoing geopolitical uncertainty.

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