Crypto Scenario Insights
What happened
MicroStrategy's sale of 32 BTC to fund preferred stock distributions has sparked debate over its 'never sell' commitment.
What we think
From a capital flows perspective, the direct liquidity impact of a $2.5 million Bitcoin sale is entirely negligible in a multi-billion-dollar daily market.
Read the analysis
MSTR's 'Inoculation' Sale: Strategic Flexibility or the End of the 'Never Sell' Premium?
We explain what happened and what could follow. We do not forecast prices.