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市场结构

Bitcoin: attention and incentives · 1 Jun 2026

He did it because Strategy is a company, and companies exist to protect capital, manage liabilities, satisfy shareholders, service obligations, and extract profit when the structure demands it.

原文为英语,导航提供七种语言。

01

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It seems like everyone is suddenly shocked that #Saylor and #Strategy can also sell #Bitcoin.

What the hell did people think would happen?

The man, or more precisely his company, controls around 843,706 BTC.

That is roughly 4.02% of the entire 21 million Bitcoin supply.

He did not build that position out of charity, spiritual conviction, or goodwill for retail.

He did it because Strategy is a company, and companies exist to protect capital, manage liabilities, satisfy shareholders, service obligations, and extract profit when the structure demands it.

This was obvious months ago.

I wrote it months ago. Anyone pretending to be surprised now was either not paying attention or willingly swallowing the cult narrative because it felt better than looking at the mechanics.

The 32 BTC that were just sold for about $2.5 million do not matter mechanically.

That is dust compared to the size of the treasury. The problem is not the size of this sale.

The problem is the signal. The sacred “never sell” mythology has now met the balance sheet.

And if this tiny sale already makes people uncomfortable, wait until a real block has to move.

Wait until market conditions, dividend obligations, debt structure, liquidity pressure, or shareholder incentives force a sale that is not symbolic anymore.

Bitcoiners spent years laughing at everyone else for trusting founders, treasuries, foundations, insiders, whales, and corporate narratives.

Now one listed company sits on more than 4% of the entire supply and people act confused when it behaves like a listed company.

02

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I think this is more likely a test to see how the market reacts.

$2.5M is nothing for an entity holding roughly 4% of the entire Bitcoin supply. That amount is too small to explain it logically as a serious liquidity move right now.

The “never sell” narrative has been touched for the first time, and the market response can now be measured.

Reactions, sentiment, media framing, volatility, retail panic, institutional confidence, all of it becomes data.

That is why people should pay attention.

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