For years, Strategy (MSTR) Executive Chairman Michael Saylor insisted he would never sell bitcoin BTC$72,675.37.

Yet on Monday, the largest company disclosed that it sold 32 bitcoin last week, its first sale in four years. The announcement prompted questions about whether one of bitcoin’s most prominent corporate advocates was changing course.

Most analysts don’t think so. While the transaction sparked debate among investors, they largely agree that the sale was too small to alter Strategy’s long-term bitcoin accumulation strategy.

The company on Monday said that it sold 32 bitcoin between May 26 and May 31 at an average price of $77,135, generating roughly $2.5 million to help fund dividend payments on STRC, its high-yielding perpetual preferred stock known as Stretch. Strategy still held more than 843,700 BTC at the end of May, meaning the sale represented about 0.004% of its total holdings.

While the announcement initially fueled concerns that Executive Chairman Michael Saylor was backing away from his long-held commitment to accumulating bitcoin, several analysts argued that interpretation misses the bigger picture.

TD Cowen analyst Lance Vitanza said reports suggesting Strategy had become a meaningful seller of bitcoin were overblown.

“Headlines suggesting that Strategy has meaningfully reduced its bitcoin position are, in our view, misleading,” Vitanza wrote in a research note. “The transaction was economically immaterial and does not alter the core accumulation thesis.”

Vitanza noted that management has discussed the possibility of limited bitcoin sales on several recent occasions as part of a broader financing strategy. He added that TD Cowen’s model already anticipated small tactical sales and therefore made no changes to its bitcoin accumulation assumptions or its $400 price target on the stock.

The analyst also pointed to signs that Strategy is rebuilding its cash position. The company also sold 801,944 shares of common stock and used part of the proceeds to replenish cash reserves after repurchasing $1.5 billion of convertible debt at a discount.

Benchmark analyst Mark Palmer reached a similar conclusion about the significance of the sale itself, saying he does not expect bitcoin disposals to become a primary source of funding for dividends.

“We do not expect Strategy to use bitcoin sales as a primary means of funding dividends on STRC and its other perpetual preferred stock issues,” Palmer said. “It is far more likely that the company will continue to replenish its cash reserve through equity issuance and then use reserve funds to pay dividends.”

Palmer, however, argued that the sale could change how investors view Strategy’s bitcoin holdings. “Now, investors should view Strategy’s bitcoin holdings as providing a viable backstop for the funding of preferred dividends,” he said.

Others viewed the transaction as a more meaningful signal.

Risk Dimensions CIO Mark Connors said the move demonstrates that Strategy is willing to prioritize the health of its capital structure over maintaining a strict no-sale stance on bitcoin.

“By selling bitcoin, Saylor has stated two things,” Connors said. “First, we will support our shareholders and creditors in every way… including by selling bitcoin.”

“Second, Saylor and Strategy have prioritized the health and perception of health of the MSTR capital structure over being a diamond-handed OG.”

The differing interpretations highlight the key question now facing investors. Analysts broadly agree that the 32-BTC sale was immaterial. What remains up for debate is whether it was simply a routine treasury decision or an early signal that Strategy’s approach to managing its vast bitcoin reserves is becoming more flexible.

Strategy is lower by 5% on Monday, while bitcoin has fallen back to a near two-month low of $71,000.

TLDR

• Global crypto exchange-traded products recorded $1.67 billion in outflows last week.
• Three-week cumulative outflows reached $4.21 billion as total assets under management declined to $141.9 billion.
• Bitcoin products led withdrawals with $1.44 billion in outflows, marking the largest weekly exit in 2026.
• United States spot Bitcoin ETFs accounted for $1.42 billion in redemptions, driven by institutional selling.
• Ethereum ETFs posted $257 million in outflows, extending their losing streak to three consecutive weeks.

Global crypto exchange-traded products have recorded $1.67 billion in weekly outflows, extending a three-week run of investor withdrawals.

According to CoinShares, the latest weekly report shows this is the second-largest outflow of 2026, with only the week ending Jan. 23 posting a higher figure. The firm reported that total redemptions over the past three weeks have reached $4.21 billion, while assets under management declined to $141.9 billion from $148 billion the previous week.

Bitcoin Products Drive Bulk of Withdrawals

Within the broader selloff, Bitcoin-linked funds accounted for most of the activity. CoinShares data shows $1.44 billion exited Bitcoin products globally, setting a new weekly record for outflows this year. The same report notes that year-to-date inflows into Bitcoin funds dropped sharply to $1.2 billion from $2.6 billion a week earlier.

Focusing on the United States, data from SoSoValue shows spot Bitcoin ETFs recorded $1.42 billion in withdrawals. This ranks as the third-largest weekly outflow for U.S. products on record, with domestic institutional activity cited as the primary driver behind the global decline.

At the same time, Ethereum-based products continued to see redemptions. CoinShares reported $257 million in global outflows from Ethereum funds, adding to losses recorded in previous weeks. U.S. spot Ethereum ETFs contributed $241 million of that figure, according to SoSoValue data, marking a third straight week of withdrawals for the segment.

Elsewhere in the market, participation narrowed among alternative assets. CoinShares data shows only five altcoins attracted notable inflows, down from nine in the prior week. XRP products led with $20.3 million in new investments, followed by Hyperliquid products at $10.8 million and Near Protocol funds at $7.6 million.

Regional Trends Highlight U.S. Dominance

Across regions, the United States remained the center of activity. CoinShares reported $1.63 billion of the total outflows originated from U.S.-based products. Meanwhile, Germany recorded $25.7 million in withdrawals after holding steady during earlier weeks, while Sweden and Hong Kong posted smaller outflows of $6.6 million and $4.5 million, respectively.

CoinShares Head of Research James Butterfill linked the sustained selling pressure to rising geopolitical concerns tied to Iran. In the same report, Butterfill stated that these risks have outweighed any market support from legislative developments such as the Clarity Act, drawing comparisons to a similar outflow period earlier in the year.

Bitcoin BTC$72,675.37 and most major cryptocurrencies remained under pressure as record outflows from U.S. spot bitcoin ETFs, renewed inflation worries from higher oil prices and weakening retail demand kept digital assets from joining Wall Street’s AI-led rally.

BTC is down about 1.4% in the last 24 hours and was trading recently under $73,000, while ether dropped 2.1% to $1,980. The broader CoinDesk 20 (CD20) index fell 2.38%.

The weakness follows a 10-session, $2.97 billion outflow streak from U.S. spot bitcoin ETFs, the longest run of withdrawals on record, which included the rapid exit of a $1.2 billion position.

The crypto market “sold off through last week without a clear catalyst,” according to a note from Laser Digital’s derivatives trading desk. “There seemed to have been a lack of demand, including Strategy announcing that they didn’t purchase any BTC.

“With STRC still trading below par and the continued lack of interest from retail buyers, BTC is expected to remain weak for the time being,” the note said.

That leaves crypto at risk of further underperformance versus equities, where enthusiasm around artificial intelligence has pushed global stock indexes to fresh highs even as oil prices climbed on stalled efforts to reopen the Strait of Hormuz. Stay alert!

Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today . For a comprehensive list of events this week, see CoinDesk’s “Crypto Week Ahead.”

What’s trending

Today’s signal

Hyperliquid’s hype (HYPE) token continues to strengthen against Solana’s sol (SOL), hitting record highs.

Still, weakening RSI momentum in the ratio between the two tokens is producing a bearish divergence on the daily chart that could signal a near-term slowdown or shallow pullback.

If it does occur, it’s unlikely to mark a structural break in HYPE’s outperformance trend because there’s no confirmation of the divergence on the weekly chart.

Cardano’s annual summit in Singapore has been scrapped after token holders failed to approve $2 million worth of funding for the event.

That’s according to the Cardano Foundation, which announced on Saturday that the event would be cancelled after a treasury proposal vote failed to pass.

It said, “As part of Cardano’s on-chain governance model, treasury-funded initiatives are subject to community vote. The community has decided not to proceed with this proposal, and we fully respect that outcome.”

“Now, we will review all current commitments and commence winding down Summit execution,” it added.

Despite this, token holders still passed a proposal from “EMURGO” for the Cardano Foundation to attend and sponsor TOKEN2049 in Singapore this October.

Read more: Charles Hoskinson’s $250M clinic to close after buying up NFTs and robots

The firm’s founder, Charles Hoskinson, has since asked the Cardano community if it would like a “MiniSummit” at TOKEN2049 and to “subsidize some of the larger projects” to fund it.

The proposal needed another 1.46% of votes

The Singapore summit funding vote required an approval threshold of 66.67% from delegated representatives who vote on behalf of Cardano (ADA) holders.

However, with only 2.76 billion ADA (worth $638 million) allocated to “yes,” it attracted 65.21% and failed to pass.

The proposal would have allocated roughly $2 million worth of ADA towards the summit and was revised from a proposal that originally planned to allocate over $3 million.

Last year, one significant ADA holder, who goes by the username “Whale,” voted “yes” for Cardano’s 2025 summit while also lambasting the foundation for increased spending.

“We’re in a place where the founding entity has not delivered much for years and is requesting obscene amounts of funds to keep the same level of non-delivery going,” wrote Whale.

Hyperliquid’s native token, HYPE, has rallied more than 30% in five days to a record high near $74, with a bullish chart breakout now pointing to a potential move above $100.

HYPE/USD daily chart. Source: TradingView

Key takeaways:

• HYPE has broken out of a bull pennant pattern, putting its measured upside target near $105.
• Hyperliquid has become the second-largest blockchain by app revenue on a 30-day rolling basis.

HYPE bull pennant hints at rally toward $105

Hyperliquid’s rally may have further room to run after HYPE broke out of a textbook bull pennant pattern.

The setup developed after HYPE’s sharp late-May rally formed the pattern’s “flagpole,” followed by a brief consolidation inside a symmetrical triangle. During this pause, the token printed lower highs and higher lows, showing tightening volatility before the next directional move.

HYPE/USD daily chart. Source: TradingView

In technical analysis, bull pennants typically resolve when the price breaks above the upper trend line. Traders then estimate the upside target by adding the flagpole’s height to the breakout point.

Over the weekend, HYPE moved above the triangle’s upper boundary on rising volume, suggesting stronger conviction behind the breakout. If the pattern plays out as intended, the price could climb toward its measured target near $105.30 by June or July, about 45% above current levels.

However, momentum is becoming stretched. HYPE’s relative strength index was above 77 on Monday, placing it in overbought territory and raising the odds of a brief consolidation or correction.

If profit-taking accelerates, HYPE could retest its 20-day exponential moving average near $58.32 in June. A decisive break below that level would weaken the bullish setup and risk invalidating the pennant breakout.

Hyperliquid futures show a strong bullish bias

Derivatives market data adds another bullish layer to HYPE’s technical breakout.

Hyperliquid’s open interest has climbed to a record $3.5 billion, up from about $1.41 billion at the beginning of the year, according to Coinglass data. The sharp rise shows that more leveraged capital is entering HYPE markets as it pushes into price discovery.

Hyperliquid open interest. Source: CoinGlass

HYPE’s open interest-weighted funding rate stood near 0.0050% every eight hours as of Monday and has remained positive through most of the latest rally.

Hyperliquid OI-weighted funding rates. Source: CoinGlass

That means long traders have been paying short traders to keep their perpetual futures positions open, a sign that leveraged demand has leaned bullish. While not extreme, the consistently positive funding rate points to a clear upside bias in HYPE’s derivatives market.

Meanwhile, short sellers have taken the bigger hit during the latest rally.

Since May 20, HYPE has seen about $126.28 million in short liquidations, compared with $68.85 million in long liquidations.

Hyperliquid total liquidation chart. Source: CoinGlass

That imbalance suggests bearish traders have been forced to close positions as the price moved higher, creating a “short squeeze.”

Further gains in HYPE could put more shorts at risk of liquidation, forcing more buybacks and potentially accelerating the move toward the $100–$105 target zone.

Hyperliquid surpasses Ethereum in monthly app revenue

HYPE fundamentals are also leaning bullish.

Hyperliquid has overtaken Ethereum to become the second-largest blockchain by app revenue on a 30-day rolling basis, generating $57.9 million, according to DefiLlama.

Top revenue-generating protocols. Source: DefiLlama

The chain routes 99% of its protocol fees to its Assistance Fund, which buys HYPE on the open market. That buyback mechanism has become a core part of the bullish investment case for the token, as higher trading activity can lead to stronger recurring demand for HYPE.

The broader backdrop for perpetual futures has also improved.

On Friday, the CFTC recognized perps as useful tools for price discovery and risk management, helping legitimize the market that sits at the center of Hyperliquid’s business model, even if the protocol is not a direct beneficiary.

HYPE has rallied roughly 25% since the CFTC update.

Related: Hyperliquid launches prediction markets for real-world events

The launch of US-listed HYPE exchange-traded funds (ETF) may also help fuel the rally.

US Spot HYPE ETF net flows. Source: SoSoValue

Since their May 12 debut, HYPE funds from Bitwise and 21Shares have attracted a combined $122.2 million in net assets, according to SoSoValue, pointing to early institutional demand for exposure to the digital token.

Dogecoin is trading around $0.10 after House of Doge and Paxos unveiled a partnership that could funnel the meme coin into PayPal and Venmo’s combined base of hundreds of millions of users.

House of Doge, the official corporate arm of the Dogecoin Foundation, has announced a strategic partnership with Paxos that will route DOGE (DOGE) into Paxos’ regulated crypto brokerage and custody stack, potentially putting Dogecoin in front of PayPal and Venmo’s mainstream user bases, just as the token trades near $0.10 with a market capitalization of about $16.9 billion. In a GlobeNewswire release, House of Doge said the deal will “integrate the listing of Dogecoin (DOGE) across Paxos’ enterprise‑grade crypto brokerage and custody infrastructure,” opening distribution via clients including PayPal, Venmo, Interactive Brokers and Mercado Libre across more than 150 countries.

The partnership is explicitly about scale: Paxos “powers crypto brokerage and infrastructure solutions for a number of globally recognized platforms, including PayPal, Venmo, Interactive Brokers, and Mercado Libre,” while the Dogecoin side frames this as a bridge to “hundreds of millions of users” reachable through that network. “This partnership with Paxos represents a major step forward in accelerating global access for Dogecoin,” House of Doge CEO Marco Margiotta said, adding that “by integrating with Paxos’ trusted and regulated infrastructure, we are creating a powerful pathway for leading global fintech platforms to make Dogecoin accessible to their users.” Paxos, for its part, has already been the back‑end engine for PayPal’s crypto services and the issuer of its PYUSD stablecoin, which PayPal recently expanded to 70 markets, reinforcing the idea that DOGE is hitching a ride on a maturing, regulated payments stack rather than a pure meme trade.

Dogecoin price sits on the $0.10 knife edge

On the market side, DOGE is changing hands around $0.10, with sources like CoinMarketCap and Trust Wallet putting the live price in the $0.099–$0.101 band and 24‑hour volumes near or above $700 million. That leaves Dogecoin roughly flat on the year but still miles below its prior cycle blow‑off highs, as liquidity has shifted toward more serious L1 and AI narratives, according to recent Dogecoin coverage on crypto.news. A crypto.news Dogecoin price piece notes that “Dogecoin is trading around $0.10–$0.105 today, with most serious 2026 forecasts clustering in a restrained $0.12–$0.18 band unless another meme‑mania shock hits,” a sober framing that contrasts with the retail obsession over a return to $1. For live market data and intraday moves, crypto.news maintains a dedicated Dogecoin price page tracking DOGE’s spot performance, market cap and volume.

External models echo that capped‑upside posture: CoinCodex and CoinDataFlow both see DOGE drifting into the mid‑teens by 2026, with forecasts in the $0.10–$0.16 range implying perhaps 40%–60% upside from current levels if the coin simply grinds along with the broader market. A separate Dogecoin outlook referenced in crypto.news reporting lines up with that trajectory, suggesting that absent a new Elon Musk‑sparked frenzy or a broader meme re‑rating, DOGE is more likely to oscillate between high single‑digits and the mid‑teens than to credibly attack $1 in this cycle.

Price prediction: infrastructure coup, narrative drag

The Paxos integration is, structurally, exactly the sort of plumbing win that token bulls usually fantasize about: a meme asset piggy‑backing on a regulated broker that already pipes crypto into PayPal and Venmo, with PYUSD demonstrating how quickly Paxos‑backed assets can spread once they’re embedded in a giant payments platform. If even a tiny fraction of PayPal and Venmo’s users start dollar‑cost‑averaging into DOGE alongside bitcoin and ether, the steady bid could justify those $0.14–$0.16 2026 targets and push realized volatility lower than in past meme cycles.

The counterpoint is that every serious model you can cite—including the range‑bound projections highlighted in crypto.news Dogecoin coverage—treats DOGE as a structurally capped asset whose fair value lives in a tight band around $0.10–$0.20 unless a full‑blown speculative mania returns. Over the next 12–18 months, a defensible base case is a slow grind toward the mid‑teens, with a realistic 2026 end‑of‑year range of $0.12–$0.18, a bullish tail where the Paxos distribution firehose plus meme reflexivity squeezes DOGE into the $0.20–$0.25 zone, and a bearish path where macro risk‑off or regulatory hostility toward meme coins pushes it back into the $0.06–$0.08 support area.

Strategy’s (formerly MicroStrategy) first publicized bitcoin sale has triggered a $15 million resolution dispute on Polymarket.

While the sale was announced in a June 1 filing, the actual disposition occurred in late May. Bettors are now split on whether sales executed between May 26 and May 31 should count for the prediction market’s May 31 deadline, with the contract sitting at 81% Yes and flagged “in review.”

The bet “MicroStrategy sells any Bitcoin by ___?” in Polymarket is built on time-stamp-based contracts, each resolving to ‘Yes’ if Michael Saylor’s Strategy sold any bitcoin by 11:59 p.m. ET on its specified deadline.

Where it gets complicated is that the primary sources for the rules governing bet resolution state that the news will be based on MSTR’s filings and onchain data, with a “consensus of credible reporting” as backup.

Strategy sold those bitcoin between May 26 and May 31, but the 8-K was filed on Monday, June 1.

Now that the sale has occurred, the ‘Yes’ contract holders on May 31 argue that, according to the resolution rules, the bet should settle in their favor. Their argument is that the 8-K’s table states the sale occurred before May 31, as the contract states that ‘Yes’ holders should win if the bitcoin activity is ‘presented as of May 31, 2026, 4:00 p.m. Eastern Time.’

However, the ‘No’ holders counter that no public information existed before the filing dropped on June 1, after the May 31 deadline had passed, despite when the actual sale had taken place.

Meanwhile, the June 30 and December 31 contracts have both been priced to 100% ‘Yes’ since the disclosure, reading 99.9 cents on the ‘Yes’ side and 0.1 cents on ‘No.’ Combined, the three contested timeframes have drawn roughly $24.7 million in volume, with the May 31 market alone at $14.65 million.

While the war over the resolution continues, UMA’s optimistic oracle, the dispute-resolution system Polymarket uses for ambiguous markets, will issue the final call. Usually, these disputes get reviewed over a 2-day period.

Heading into the filing, Polymarket had priced odds of any Strategy bitcoin sale before year-end at 84%, up from 10% earlier in the spring, after CEO Phong Le’s first-quarter earnings call comments treating “disciplined sale of bitcoin” as a capital management tool.

The market is now arguing not over whether the sale happened, but over which day’s calendar it sits on and who gets the big payout.

Read more: Michael Saylor’s Strategy signals potential bitcoin sale to fund dividends obligations

Strive has expanded its fundraising plans by $4.2 billion as the Bitcoin treasury company seeks additional capital for future BTC purchases.

According to a June 1 X post by Strive chief executive Matthew Cole, the company expects to increase the size of its at-the-market programs tied to ASST and SATA securities by $2.1 billion each. The proposed expansion would add a combined $4.2 billion in new fundraising capacity.

Cole stated that the decision follows rising liquidity and investor demand for both securities. He also said Strive plans to release an updated balance sheet before U.S. markets open on Tuesday.

The announcement comes days after the company disclosed another large Bitcoin acquisition. In an 8-K filing submitted on May 26, Strive reported buying 1,109 BTC between May 19 and May 22 for approximately $85.4 million. The filing showed an average purchase price of roughly $76,988 per coin.

Following that transaction, Strive’s Bitcoin holdings increased to 16,500 BTC. Data cited in the filing placed the company ahead of Coinbase, which holds 16,492 BTC, and Riot Platforms, which holds 15,680 BTC.

ASST and SATA remain central to Bitcoin acquisition strategy

Funds raised through ASST and SATA form a key part of Strive’s Bitcoin treasury model. Rather than relying on traditional borrowing, the company uses proceeds from these securities to finance additional Bitcoin purchases.

Recent fundraising activity indicates the approach is already bringing in fresh capital. According to data from Bitcoin Treasuries, Strive’s Series A Perpetual Preferred Stock, traded under the SATA ticker, raised approximately $194.3 million during the previous week.

Based on current market prices, that amount could support the purchase of roughly 2,621 BTC. Bitcoin Treasuries provided the estimate in its assessment of the offering.

At the same time, Strive has sought to make the security more attractive to investors. SATA’s dividend yield recently rose to 13%, exceeding the 11.50% yield currently offered by Strategy’s STRC preferred stock.

Corporate Bitcoin accumulation has become increasingly concentrated among a small number of public companies. Although Strive has climbed the rankings with its latest purchases, a substantial gap remains between the firm and the industry’s largest holder.

Strategy pauses accumulation streak while Strive raises capital

While Strive is preparing to sell more securities to fund future Bitcoin acquisitions, Strategy recently moved in the opposite direction.

As reported by crypto.news, Strategy disclosed in a Monday 8-K filing that it sold 32 BTC worth approximately $2.5 million during the final week of May. The company said the proceeds are expected to be used for distributions associated with its preferred stock offerings.

Although the sale represented only a small portion of Strategy’s holdings, the filing showed it was the company’s first reported Bitcoin sale since a tax-related transaction completed in December 2022.

Strategy continues to hold 843,706 BTC, maintaining a substantial lead over every other publicly traded corporate holder. Even so, Strive’s latest fundraising plans indicate the company is continuing to expand its Bitcoin treasury strategy through equity-linked capital markets rather than slowing its pace of accumulation.