After Strategy disclosed its first Bitcoin sale since 2022, market attention quickly shifted to whether it continued to reduce its holdings last week. Michael Saylor subsequently posted "32?" on X, further fueling speculation. However, current on-chain data does not show any large amounts of Bitcoin associated with Strategy flowing to exchanges.
The post "32?" sparked speculation.
This post, containing only numbers, has sparked various interpretations within the crypto community. Some believe it refers to the 32 bitcoins previously sold, while others speculate it might be related to a new buying plan. Still others link it to the price of Bitcoin, but the post offers no evidence to support these speculations.
As Strategy is one of the world's largest publicly traded companies holding Bitcoin, any signals related to its holdings are quickly amplified by the market.
No transfers to exchanges have been observed on the blockchain yet.
Looking at on-chain activity, there haven't been any significant transfers of large amounts of Bitcoin from Strategy-related addresses to exchanges over the past week. This is particularly crucial for the market, as large transfers to exchanges are typically seen as preparation for a sell-off.
For this reason, some analysts believe that it is now more difficult to conclude from this that Strategy is undergoing a new round of large-scale share reduction.
The market is watching whether to continue increasing holdings.
Economist and trader Alex Kruger said that if Strategy buys a large amount of Bitcoin at nearly $81,000 not long ago and then quickly sells billions of dollars worth of Bitcoin, it will undermine the credibility of its long-term accumulation strategy.
He believes that such an operation would not only be costly, but would also damage the company's market image as the largest corporate Bitcoin holder.
Another analyst, Michael van de Poppe, pointed out that if Saylor subsequently announces new purchases, concerns surrounding the sale of 32 bitcoins could quickly subside. Although this sale represents only a tiny fraction of Strategy's approximately 843,700 bitcoin holdings, given that it controls nearly 4% of the total bitcoin supply, even a small change is enough to influence market sentiment.
