Bitcoin [BTC] collapsed under prolonged bearish pressure, hitting a low of $59,000 for the first time since 2024. At the time of writing, Bitcoin was trading at $62,732, down 28% YTD and 40% on yearly charts.
With BTC stuck in a strong bearish trend, tensions in the community have increased. Amid the finger-pointing, Bitcoin’s Treasury company Strategy has taken the blame.
Strategy’s Bitcoin link is broken
Critics have identified strategy as the main cause of prevailing market conditions. Strategy was the biggest public buyer this year, issuing high-yield STRC shares to finance its purchases.
A analyst noted that Michael Saylor’s $100 per Bitcoin strategy was the biggest driver of BTC demand in 2026. However, STRC fell below $100, breaking the peg. The Strategy Variable Rate Perpetual Stretch Prf Shs Series fell to $91 before recovering to $93.
According to the analyst, this break was a turning point for BTC as Strategy stopped issuing new shares, effectively halting Bitcoin purchases. With demand for Strategy drying up, the broader market weakened significantly.
Additionally, Strategy was forced to sell 32 BTC worth $2.5 million to pay dividends. The selling exacerbated market weakness, with Strategy shares also plunging.
Strategy advocates praise Bitcoin’s robustness
Although Saylor and Strategy have been on the receiving end recently, he remained optimistic. As such, Saylor and other market players have continued to defend the market’s dynamics.
Saylor and Lyn Alden argued that Bitcoin’s robustness means that no player in the market can rely on it.
On its X, Saylor stated that
Fundamentalists seek to protect Bitcoin from corruption, seizure, or compromise.
Essentially, Saylor stated that Bitcoin remains an open network for all market players, from capitalists, minimalists, technologists and fundamentalists.
On the other hand, Broken Money author Lyn Alden criticized market bears who think Saylor’s 4% is enough to destroy the network.
She noted that buying 4% of BTC doesn’t mean everything will fail, but that BTC is overvalued. In her assessment, she warned that if 4% can destroy Bitcoin, it deserves to fail.
Alden noted that,
“I happen to think it’s more robust than that.”
What does it mean for the market?
Based on the recent events, it is true that market players are closely watching Strategy and Saylor’s decisions. At the same time, it means that Strategy has a significant influence on Bitcoin’s price action.
Therefore, the next market move will depend on what Strategy does. If they end up selling more Bitcoin, especially now that STRC is trading below $100, BTC will suffer even more.
However, if Strategy starts buying again, the market feud will cool down, increasing BTC’s chances of recovery.
Final summary
- Michael Saylor’s $100-per-Bitcoin strategy collapsed after STRC fell below $100, forcing Strategy to sell BTC.
- Bitcoin and strategy advocates claim that BTC is very robust and Saylor’s impact on the market remains minimal.