Michael Saylor’s Strategy adds $531 mln BTC – Why Bitcoin barely moved
Is Bitcoin losing its sensitivity to big buys like Strategy?
- Michael Saylor’s Strategy BTC acquired 4,980 BTC, bringing its total to 597,325 BTC.
- Like recent bids, the latest $532million buy didn’t rally BTC amid high profit-taking.
On the 30th of June, Michael Saylor announced that Strategy (formerly MicroStrategy) bought an extra $531.9 million of Bitcoin (4.98K coins), increasing its overall holdings to 597,325 BTC.
In H1 2025 alone, Strategy acquired 170,038 BTC—35% of its total holdings—according to CryptoQuant.
Now, the pioneer in BTC corporate treasury holds 2.85% of the total supply, making it a key sentiment factor for the market.
BTC drops amid profit-taking
Despite the sizeable buy, Bitcoin barely flinched. The asset climbed to $108K briefly on Sunday but dropped over 2% heading into July.
That’s right—BTC eased even after Strategy’s high-profile purchase, hinting at deeper headwinds overpowering corporate demand.
In fact, the asset has been resilient during the Iran-Israel escalations but failed to break higher even after the tensions calmed, and ETF inflows surged above $11 billion.
Whales and LTHs are cashing out
Onchain analysts noted that the pressure on BTC came from long-term holders (LTH) and whale sell-offs.
According to a Glassnode analyst, LTH with over 1 year of holding period dumped $800 million daily in early June. Additionally, whales offloaded $440 million on average, compounding the pressure on BTC.
Meanwhile, the early July retracement appeared to be driven by falling demand from U.S. investors, too.
The Coinbase Premium Index, often viewed as a proxy for U.S. investor appetite, dipped slightly. As of the 1st of July, it hovered above zero, but didn’t break higher to suggest aggressive buying.
Overall, BTC continues to face sell pressure from whales and LTH, offsetting the demand from Strategy, other treasury firms and ETFs.
