🥛 Bitcoin's most famous holder is now a seller 💀

GM. This is Milk Road, where the group chat becomes the newsletter.

Here’s what we’ve got for you today:

✍️ Michael Saylor has sold Bitcoin.
🍪 Vitalik has released a new paper on ‘Lean Ethereum’.

Milk Road and Alumni Ventures are teaming up this week only to give readers early access to high-potential startup opportunities. Get access to VC deals for FREE now.

Prices as of 2:00 p.m. ET. Powered by CoinGecko.

MICHAEL SAYLOR SELLS BITCOIN ☠️

Every Monday morning, the Milk Road team gets on a call.

We talk through what happened over the weekend and what we're watching next. Most Mondays, there are three or four things pulling our attention in different directions.

But today, there was just one.

This. 👇

Source: @saylor

Michael Saylor sold Bitcoin.

Not all of it. But 3,588 Bitcoin (worth roughly $216M) was offloaded over the weekend.

The official reason: to fund dividends on his preferred equity instruments, a type of financial security that sits between regular stock and debt and promises holders a fixed payout.

In plain English: he needed cash to pay his investors and he sold Bitcoin to get it.

Now, on paper, 3,588 Bitcoin is a rounding error for Saylor. He still holds around 850,000 Bitcoin. What he sold represents about 2.5% of his total stack.

But that's not really the point.

The point is that the man who built his entire identity around never selling Bitcoin is now a net seller. And he's already flagged that he could sell up to 20,000 more Bitcoin if he needs to.

That's potentially $800M more hitting the market.

That's what traders call an overhang. A known future seller sitting above the market, ready to drop supply on any strength.

Bitcoin felt it almost immediately. It had been showing real strength heading into the weekend, pushing up toward $64,000. By Monday morning it was back down to $61,000.

WANT TO INVEST IN AI STARTUPS?

Our audience loved Alumni Ventures so much last time so we had to bring them back.

Since our last partnership, nearly 250 Milk Road readers have signed up to access startup deals through Alumni Ventures.

Want in?

All you have to do is sign up with your name and email to receive curated startup pitches.

Why readers signed up last time:

$97M returned to investors over the past year
Absolutely FREE to join
Invest only in the deals you like

Get access to VC deals for FREE now.

MICHAEL SAYLOR SELLS BITCOIN (P2) ☠️

So where does Bitcoin go from here?

There is a lot of chatter that Bitcoin rallies back up to retest around $68,000, gets rejected from there and then sells off hard into the $40,000 range.

John's personal next buy is sitting at $55,000.

His view: anything under $60,000 is a genuinely good entry point for Bitcoin if you have a long time horizon.

If you're trying to flip this over the summer, that might be difficult. But if you're thinking in years, a sub-$60,000 Bitcoin has historically been a gift.

Source: TradingView

The uncomfortable truth, though, is that nothing on the horizon is obviously going to break us out of this holding pattern.

For Bitcoin to make a real move higher, something needs to change.

Here are three things that will be a positive shock for Bitcoin:

A meaningful step forward on the Clarity Act.
A nation state announcing a Bitcoin purchase would help.
A rotation of capital out of stocks and AI back into crypto.

Until one of those catalysts shows up, we're in a waiting game.

The bear market, as John put it, is real but it's a $60,000 bear market. Which, in the grand scheme of crypto history, is not a disaster.

Saylor selling doesn't break the long-term Bitcoin thesis. He still holds more Bitcoin than almost anyone on earth, and he's selling a sliver to manage his business obligations. That's not the same as losing faith.

But it does change the near-term mood. The market's most famous bull just blinked. And until we see a catalyst that outweighs that, $60,000 is the number to watch.

If it holds, we're fine.

If it doesn't, John's got his buy order ready at $55,000.