Saylor sold! Saylor bought!

These were the bookends of this past week, which was one of the wilder stretches crypto’s had all year.

Today, yes, fortunately the charts are green again. Yet only after a risk-off flush vaporized hundreds of billions across stocks and crypto. Longs got wrecked first, and now shorts are getting lit up. So what gives?

Here’s a play-by-play on what brought us here…

Things kicked off on June 1st, when Strategy disclosed it had sold 32 BTC for ~$2.5M to cover a preferred-stock dividend. This amount was just a sliver of the company’s stack, but for years Michael Saylor’s whole pitch has boiled down to buy bitcoin, don’t sell it.

Thus Strategy’s sell mattered more for its symbolism rather…