An analysis said bitcoin needs new sources of buying beyond Strategy to form a sustainable bottom. On June 6 (local time), blockchain media outlet CoinPost reported that Grayscale Research said the shift toward dispersing holdings concentrated in Strategy across multiple companies’ balance sheets is positive in the long term, but other buying interest must follow to halt the decline.

A recent sharp drop has been linked in part to Strategy’s sale of 32 bitcoin. Strategy said in an 8-K filing submitted to the U.S. Securities and Exchange Commission on June 1 that it sold 32 bitcoin between May 26 and 31. Grayscale Research said the amount sold was small, but given that Strategy holds about 840,000 bitcoin as the largest digital asset treasury company, the impact on market sentiment is not minor.

Bitcoin briefly fell below 10 million won on June 4 for the first time in about 3 months. At the time of writing, it was trading around $62,000, down about 2.5 percent from the previous day and about 15.2 percent on the week. U.S. spot bitcoin ETFs recorded net outflows for 13 straight trading sessions from May 15 to June 3, with cumulative outflows of about $4.37 billion.

The factors behind the decline were complex. Mt. Gox moved about 10,306 bitcoin to a new wallet and also transferred 116.3 bitcoin to Bitstamp. The market grew more cautious that this could lead to creditor repayments and sales. Uncertainty over the Clarity bill under review in the United States and concerns about fund shifts tied to speculation about a SpaceX listing were also cited as burdens.

Michael Saylor (마이클 세일러), chairman of Strategy, said in a post on X on June 4 that recent spot ETF outflows were not a loss of confidence in bitcoin but a rotation of capital. He also said volatility creates opportunity, noting that artificial intelligence-related fundraising reached about $400 billion over the past 6 months.

Grayscale Research pointed in particular to Strategy’s floating-rate preferred stock STRC. STRC raises funds by issuing new shares through at-the-market offerings when its price is above its $100 par value, and uses the proceeds to buy bitcoin. But at the time the report was released, STRC was at $95.6, 4.36 percent below par, and at-the-market issuance was temporarily suspended.

Crypto investor The Wolf of All Streets said STRC trading below par is a typical move for preferred shares. Grayscale Research, however, said Strategy’s capacity for additional bitcoin purchases is limited at current share-price levels.

U.S. spot bitcoin ETFs returned to net inflows on June 4, with net inflows of $3 million, ending 13 straight trading sessions of net outflows. Geoffrey Kendrick (제프리 켄드릭), global head of digital assets research at Standard Chartered, cited a case in which Strategy sold 704 bitcoin in December 2022 and bought back 810 bitcoin 2 days later, and said a repurchase of 320 bitcoin or 3,200 bitcoin could also take place this time. He said if Strategy’s repurchase is confirmed, it could be a tentative signal of bottom formation.