Michael Saylor or OG Bitcoin whales: Who’s to blame for BTC’s current crash?
An analyst believes that BTC would be trading at $22K without Saylor.
Bitcoin extended its pullback to a new yearly low of $59.1K on Friday, renewing debate on who’s selling the crypto asset.
BTC’s dump on the 5th of June cracked the February support of $60K, and analysts projected that the crypto asset could find the next price floor near its realized price level of $53K.
Although the asset was trading at $60K as of writing, Friday’s sharp plunge triggered intense debate among analysts.
Jim Cramer blames Saylor for ‘murdering Bitcoin’
Worth pointing out that all markets dumped on Friday after the U.S. jobs reports; it wasn’t exclusive to Bitcoin. For popular TV host Jim Cramer, Bitcoin was “murdered” by Michael Saylor after Strategy sold 32 BTC last week.
Most market watchers seemed to subscribe to a similar narrative. However, there are contrarian analysts that have pointed fingers at the AI boom. In fact, even Saylor blamed the AI boom for BTC’s weakness.
For his part, CryptoQuant CEO Ki Young Ju cited pressure on OG whales, old players that acquired BTC cheaply and have held BTC for over five or more years. He countered Cramer’s take, saying,
Criticism over Bitcoin’s price decline should be directed more at OG whales than at Saylor. Can we really compare the 1.24M BTC that OG whales sold to Saylor and ETFs over the past two years with the 32 BTC Saylor sold?
For Young Ju, BTC would be trading at $22K if Saylor didn’t step in to buy over 800K BTC, which Strategy currently holds. Bloomberg ETF analyst Eric Balchunas echoed Young Ju’s sentiment and added,
This guy gets it. I’ve been saying the same thing. The enemy is within…
The old supply did sell some of their holdings during the 2024 and 2025 rallies (red dips). In fact, the sell-offs in November 2025 peaked at 1 million BTC, underscoring massive investor exits.
At the same time, the net position change for old supply turned positive in 2026. While not directly a sign of active accumulation, it shows that those who have held BTC for more than 6 months were becoming long-term holders.
Overall, the late week’s deeper BTC correction coincided with macro pressure. However, analysts are divided on who’s exerting the selling pressure on the crypto asset.
Final Summary
- Bitcoin printed a new yearly low on Friday and hit $59.1K after a hotter U.S. jobs report.
- Analysts remained divided on the catalyst behind BTC’s recent price weakness.
