Michael Saylor’s Strategy adds $531 mln BTC – Why Bitcoin barely moved

• Michael Saylor’s Strategy BTC acquired 4,980 BTC, bringing its total to 597,325 BTC.
• Like recent bids, the latest $532million buy didn’t rally BTC amid high profit-taking. 

On the 30th of June, Michael Saylor announced that Strategy (formerly MicroStrategy) bought an extra $531.9 million of Bitcoin (4.98K coins), increasing its overall holdings to 597,325 BTC. 

In H1 2025 alone, Strategy acquired 170,038 BTC—35% of its total holdings—according to CryptoQuant.

Now, the pioneer in BTC corporate treasury holds 2.85% of the total supply, making it a key sentiment factor for the market. 

Source: CryptoQuant 

BTC drops amid profit-taking

Despite the sizeable buy, Bitcoin barely flinched. The asset climbed to $108K briefly on Sunday but dropped over 2% heading into July.

Source: BTC/USDT, TradingView 

That’s right—BTC eased even after Strategy’s high-profile purchase, hinting at deeper headwinds overpowering corporate demand.

In fact, the asset has been resilient during the Iran-Israel escalations but failed to break higher even after the tensions calmed, and ETF inflows surged above $11 billion. 

Whales and LTHs are cashing out

Onchain analysts noted that the pressure on BTC came from long-term holders (LTH) and whale sell-offs. 

According to a Glassnode analyst, LTH with over 1 year of holding period dumped $800 million daily in early June. Additionally, whales offloaded $440 million on average, compounding the pressure on BTC. 

Source: Glassnode 

Meanwhile, the early July retracement appeared to be driven by falling demand from U.S. investors, too. 

The Coinbase Premium Index, often viewed as a proxy for U.S. investor appetite, dipped slightly. As of the 1st of July, it hovered above zero, but didn’t break higher to suggest aggressive buying.

Source: CryptoQuant

Overall, BTC continues to face sell pressure from whales and LTH, offsetting the demand from Strategy, other treasury firms and ETFs.