Key Notes
- It is rumored that Strategy has sold more than 33,000 BTC from its huge stash of 641,692 BTC.
- Chairman Michael Saylor reacted to an X post saying the company is actually buying more Bitcoin.
- The Bitcoin price is currently at $95,334 amid uncontrollable drawdowns.
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Michael Saylor, the executive chairman of Strategy has reacted to the news that the business intelligence and software firm is selling its Bitcoin
BTC
$96 875
24h volatility:
4.4%
Market cap:
$1.93 T
Vol. 24h:
$130.38 B
stash.
These rumors about Strategy’s Bitcoin sales caused concern in the crypto community, but Michael Saylor and others have clarified that the claims are false.
Strategy Is Still HODLing Bitcoin
Bitcoin treasury firm Strategy has accumulated a total of 641,692 BTC, acquired at $47.54 billion with an average purchase price of $74,079 per coin across all acquisitions.
The most recent of its acquisitions happened less than a week ago, as the firm added 487 BTC to its already massive stash. The company has about $20.29 billion in unrealized gains.
It is worth noting that Strategy built this Bitcoin holding over five years and never at any point indicated that it will offload its stash.
Suddenly, a post appeared on X claiming that the Saylor-led company had started selling part of its Bitcoin holdings. One user, Rekt Fencer, alleged that Strategy had already sold 33,000 BTC and was continuing to sell more, supposedly totaling about $3.2 billion.
The X post highlighted that Strategy had fallen below 1 Net Asset Value (NAV), for the first time ever.
To this news, Saylor responded “HODL,” affirming in another post that the firm is buying more BTC.
While some X community members are still in panic mode, others are quite confident that Strategy would not make such a move.
Bitcoin Expresses Gloomy Outlook
Bitcoin price has been on a gradual decline for the last few days. On November 13, the coin dropped from above $100,000 to trade at $98,377, triggering $657.88 million in cryptocurrency liquidations.
Of this crypto liquidation, long positions accounted for $533.57 million, leaving short traders with losses of around $124.31 million.
Along the line, Bitcoin ETFs saw drastic outflows with short-term traders dominating selling, while long-term holders remained steady.
US spot Bitcoin ETFs clocked in $870 million in net outflows, marking the second‑largest daily outflow on record. The BTC price briefly fell to $96,000 and has continued to decline since then.
At the time of writing, Bitcoin’s price is currently at $95,334.63, with a 6.95% dip over the last 24 hours.
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Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
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Source: https://www.coinspeaker.com/michael-saylor-reacts-to-strategy-bitcoin-selloff-claims-hodl/
