Tom Lee Says Strategy’s 32-Bitcoin Sale, ETF Outflows Are Typical Bottom Signals

Tom Lee, chairman of BitMine, said Strategy’s recent Bitcoin sale and outflows from spot exchange-traded funds are typical signs seen near a market bottom rather than evidence of structural risk. Despite rising market anxiety, that does not necessarily mean the long-term holding strategy has been damaged.

CoinDesk reported on June 2 that Lee recently described market concerns over institutional fund flows and insider selling as "more like typical bottom behavior."

Addressing Michael Saylor’s sale of 32 Bitcoin, Lee said Saylor had already indicated he planned to sell. "Michael said he planned to sell Bitcoin, and he did what he said he would do," Lee said. He added that Saylor still holds 99.99% of his Bitcoin and profits if the token rises.

Strategy recently sold 32 Bitcoin at an average price of $77,135 to fund dividend payments on its preferred shares. The sale totaled about $2.5 million. It was the company’s first publicly disclosed Bitcoin sale in about four years, fueling concerns that Saylor may have moved away from his long-term holding stance.

The transaction was limited relative to Strategy’s overall holdings. The company still owns more than 843,700 Bitcoin, and the sale amounted to about 0.004% of that total. CoinDesk said Wall Street analysts also view the transaction as having little economic significance for Strategy’s core accumulation strategy.

Outflows from US spot Bitcoin ETFs were also interpreted as a sign of bottoming. The funds have recorded net outflows for 11 straight trading sessions, with $3.4 billion withdrawn. That is the longest streak of net outflows since spot Bitcoin ETFs debuted in January 2024.

Lee said such outflows are expected near a bottom. "This is what happens at bottoms," he said. "People sell at the bottom."

In his view, delayed selling and fund outflows can emerge as the market resets.

Lee also said BitMine’s broader strategy remains unchanged despite short-term price pressure and market unease. Its plan to keep accumulating Ether is still on track.

BitMine stepped up its Ether purchases last week, buying 111,942 ETH worth about $237 million. That raised its total holdings to about 5.4 million ETH, or roughly 4.47% of Ether’s circulating supply.

Strategy’s small sale and persistent ETF outflows are weighing on short-term sentiment toward Bitcoin, though some long-term investors see them as lagging sell signals that tend to appear near market bottoms. The focus now is on whether ETF flows turn positive again and whether Bitcoin can reclaim the $70,000 level.