Strategy just broke its own rule — sold 32 $BTC for the first time ever.
Same month they slowed buying from 50k $BTC to 3.6k. Market just liquidated $8.35B in longs. Liquidity is drying up fast.
🔻 June: Strategy bought only 3,600 $BTC (down from 25k in May, 50k in April)
🔻 Early June: Sold net 32 $BTC. Now holds 847,363 $BTC at avg $64,103
📉 Q2 liquidations: $8.35B in $BTC-$ETH longs wiped
📉 Open Interest collapsed: $BTC -32%, $ETH -40%. Order book depth now $35-40M (was $70M in May)
💸 ETF outflows: $4.5B in June alone. Single day (June 25): $696M out
When the guy who swore never to sell is selling, and liquidity is this thin — who's left to buy the dip?
Leverage is cleaner but bid side is ghost town. This isn't capitulation. It's exhaustion.
Same month they slowed buying from 50k $BTC to 3.6k. Market just liquidated $8.35B in longs. Liquidity is drying up fast.
🔻 June: Strategy bought only 3,600 $BTC (down from 25k in May, 50k in April)
🔻 Early June: Sold net 32 $BTC. Now holds 847,363 $BTC at avg $64,103
📉 Q2 liquidations: $8.35B in $BTC-$ETH longs wiped
📉 Open Interest collapsed: $BTC -32%, $ETH -40%. Order book depth now $35-40M (was $70M in May)
💸 ETF outflows: $4.5B in June alone. Single day (June 25): $696M out
When the guy who swore never to sell is selling, and liquidity is this thin — who's left to buy the dip?
Leverage is cleaner but bid side is ghost town. This isn't capitulation. It's exhaustion.