MicroStrategy, long positioned as Bitcoin's most prominent corporate buyer, sold 32 BTC valued at approximately $2.5 million last week at an average price of $77,135, prompting cryptocurrency critic Peter Schiff to challenge the sustainability of Bitcoin's rally. The sale marks a potential shift in institutional positioning, with Schiff questioning where new demand will emerge now that the largest institutional buyer has turned seller.
Schiff's commentary underscores broader concerns about Bitcoin's price stability amid mixed macroeconomic signals. Bitcoin traded below $71,000 on the day of Schiff's remarks, despite continued strength in the Nasdaq, which is hitting record highs. Schiff warned that if Bitcoin cannot maintain momentum while equities rally, its weakness will intensify once the tech-heavy index corrects, let alone enters a bear market.
The analyst advised investors not to wait for further capitulation from MicroStrategy founder Michael Saylor before exiting positions, suggesting that institutional Bitcoin accumulation narratives may be losing their supporting fundamentals. MicroStrategy's strategic shift, if sustained, could signal a recalibration in how major corporate entities view Bitcoin's role in their asset allocation strategies.