MicroStrategy Sells 32 BTC; CryptoQuant Sees Rising Fear

MicroStrategy disclosed on June 1 that it sold 32 BTC for $2.5 million. Data analytics firm CryptoQuant reviewed on-chain flows and found the transaction did not trigger broad selling on exchanges.

CryptoQuant identified limited inflows to exchanges tied to the sale. The firm’s Fund Flow Ratio was near 0.01, a level that indicates few holders are moving bitcoin to exchanges to sell.

Net Unrealized Profit/Loss, or NUPL, remained positive at about 0.27, which means many holders still have unrealized gains. CryptoQuant reported NUPL has trended lower in recent weeks. Market Value to Realized Value, or MVRV, was roughly 1.36, below readings typically associated with market cycle peaks.

CryptoQuant noted that the concurrent decline in NUPL and MVRV reflects weakening profit metrics despite muted broad selling. The firm highlighted a $70,000–$72,000 support range, warning that a break below those levels could accelerate losses in investor profitability and increase selling pressure.

MicroStrategy’s regulatory filing said the proceeds from the sale would be used to fund preferred stock distributions. The June 1 sale was the company’s first bitcoin disposal since 2022.

CEO Michael Saylor promoted the company’s preferred stock, STRC, after the filing and did not address the bitcoin sale directly. MicroStrategy trades on Nasdaq under the ticker MSTR.

CryptoQuant wrote: “MicroStrategy’s 32 BTC sale is not a bearish signal on its own, but it may contribute to a broader profit taking environment. For now, fear continues to outweigh optimism in the market.”

On-chain data in the report show limited exchange selling linked to the transaction while key profitability indicators have weakened, according to CryptoQuant. The firm’s analysis presents the sale alongside those metric trends and the potential market impact if price support gives way.