Saylor's Selling the Dip Narrative, But the Dip Keeps Buying Quarters 📉

Bitcoin is on track to close a third consecutive negative quarter, the longest such streak since 2022, with the asset down 8% in the second quarter and trading just above $62,000. The current quarter would extend a run of losses that already includes the first two quarters of the year, matching a pattern last seen when bitcoin recorded four straight negative quarters in 2022.

Bitcoin is down 15% in June, tying February for its worst monthly performance on record. The price action comes amid continued pressure on Strategy, the business intelligence firm turned bitcoin treasury company led by Executive Chairman Michael Saylor. Saylor addressed recent selling in the company's STRC preferred stock in a social media post on Tuesday, writing that "the company sold 569,980 STRC shares for $97.3 million" as part of ongoing capital operations.

STRC, a variable-rate preferred stock issued by Strategy, has drawn attention as the company has used proceeds from share sales to fund additional bitcoin acquisitions. Saylor's comments come as the gap between Strategy's bitcoin holdings and its market capitalization has narrowed, fueling debate among analysts about the sustainability of the firm's leverage.

Bitcoin's quarterly performance is being closely watched as the asset tests support levels not consistently seen since early 2025. A close below current levels at the end of June would confirm the third straight losing quarter, a milestone last reached during the 2022 bear market.