An asset management firm is pointing fingers at Michael Saylor's Strategy over last week's Bitcoin crash — and pouring cold water on the CEO's own explanation. Arca claims that Strategy's sale of 32 BTC was the real cause of the slide, directly contradicting Saylor's narrative that AI capital rotation was to blame. The firm didn't mince words, labeling Saylor's theory 'nonsense'.
The 32 BTC trigger
According to Arca, the transaction that set off the sell-off was small by Strategy’s standards. The firm, which holds more than 226,000 BTC, offloaded just 32 coins. But Arca argues that the move spooked the market at a particularly fragile moment. The timing — right before a weekend when liquidity thins — may have amplified the impact, though Saylor has not confirmed the exact date of the sale.
Saylor's AI capital rotation theory
Last week, Michael Saylor took to social media to blame the Bitcoin crash on a broader rotation out of crypto and into AI stocks. He framed it as institutional money shifting from one high-growth sector to another. The explanation played into a popular narrative among some crypto executives who see the AI boom as a rival for investor dollars. But Arca isn't buying it.
Arca pushes back
In a sharp rebuttal, Arca called Saylor's AI theory 'nonsense' — arguing that a single, visible sale from a high-profile holder like Strategy was far more likely to move the needle than some abstract sector rotation. The firm didn't offer additional evidence, but the public contradiction puts Strategy's trading activity under a spotlight. As of Monday, Saylor had not responded to Arca's criticism. The debate leaves a lingering question: did a mere 32 BTC really trigger a market-wide crash? Arca says yes.
