Bitcoin extended its pullback to a new yearly low of $59.1K on Friday, renewing the debate over who is selling the crypto asset.
BTC’s June 5 dump broke through the $60,000 support in February, and analysts projected that the crypto asset could find the next price bottom near the realized price level of $53K.
Although the asset was trading at $60,000 at the time of writing, Friday’s sharp plunge sparked intense debate among analysts.
Jim Cramer Blames Saylor for ‘Killing Bitcoin’
It’s worth pointing out that all markets dumped after trading on Friday US Jobs Reports; it was not exclusive to Bitcoin. According to popular TV host Jim Cramer, Bitcoin was “killed” by Michael Saylor after Strategy sold 32 BTC last week.
Most market watchers seemed to agree with a similar story. However, there are contrarian analysts who are pointing fingers at the AI boom. Even Saylor even blamed the AI boom for BTC’s weakness.
Ki Young Ju, CEO of CryptoQuant, in turn mentioned the pressure on OG whales, old players who acquired BTC cheaply and have held BTC for over five years or more. He countered Cramer’s opinion, saying:
Criticism of Bitcoin’s price drop should be aimed more at OG whales than Saylor. Can we really compare the 1.24 million BTC that OG whales sold to Saylor and ETFs over the last two years to the 32 BTC that Saylor sold?
For Young Ju, BTC would trade at $22,000 if Saylor did not step in to buy more than 800,000 BTC that Strategy currently holds. Bloomberg ETF analyst Eric Balchunas echoed Young Ju’s sentiment, adding:
This guy gets it. I said the same thing. The enemy is in…
The old offering sold off some of their holdings during the 2024 and 2025 rallies (red dips). In fact, the sell-off peaked at 1 million BTC in November 2025, underscoring the mass exit of investors.
At the same time, the net position change for the old supply became positive in 2026. While this is not directly a sign of active accumulation, it does show that those who held BTC for more than six months became long-term holders.
Overall, late week’s deeper BTC correction coincided with macro pressures. However, analysts are divided on who is putting the selling pressure on the crypto asset.
Final summary
- Bitcoin hit a new annual high on Friday, hitting $59.1K after a warmer US jobs report.
- Analysts remained divided on the catalyst behind BTC’s recent price weakness.