ambcrypto.com
Bitcoin [$BTC] collapsed amid extended bearish pressure, touching a low of $59k for the first time since 2024. At press time, Bitcoin traded at $62,732, down 28% YTD and 40% on yearly charts.
With $BTC locked in a strong bearish trend, tensions in the community have risen. Amid the finger‑pointing, Bitcoin’s Treasury firm, Strategy, has taken the blame.
Strategy’s Bitcoin peg is broken
Critics have pointed out Strategy as the main cause of the prevailing market conditions. Strategy has been the top public buyer this year, issuing high-yield STRC shares to fund its purchases.
An 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 its peg. The Strategy Variable Rate Perpetual Stretch Prf Shs Series dropped 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.
Moreover, Strategy was forced to sell 32 $BTC worth $2.5 million to pay dividends. The selling exacerbated market weakness, with Strategy shares plummeting as well.
Strategy defenders praise Bitcoin’s robustness
Although Saylor and Strategy were recently on the receiving end, he remained optimistic. As such, Saylor and other market players have continued to defend the market dynamics.
Saylor and Lyn Alden argued that Bitcoin’s robustness means it cannot be relied on by a single market player.
On his X, Saylor stated that
Fundamentalalist seek to protect Bitcoin from corruption, capture, or compromise.
In essence, Saylor posited that Bitcoin remains an open network for all market players, from capitalists, minimalists, technologists, and fundamentalists.
On the other hand, Lyn Alden, the author of Broken Money, criticized market bears who think that Saylor’s 4% is enough to destroy the network.
She noted that purchasing 4% of $BTC does not imply that everything fails, implying 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’s true that market players are keenly following Strategy and Saylor’s decisions. At the same time, it means that Strategy has a significant influence on Bitcoin 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, boosting $BTC’s chances of recovery.
Final Summary
- Michael Saylor’s $100-per-Bitcoin strategy collapsed after STRC fell below $100, causing Strategy to sell $BTC.
- Bitcoin and Strategy defenders argue $BTC is very robust, and Saylor’s impact to the market remain minimal.