Bitcoin isn't crashing because of Saylor, it's losing the momentum trade

Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin isn t crashing because of Saylor, it s losing the momentum trade Bitcoin s recent weakness reflects a broader rotation into AI, IPOs and other momentum trades rather than concerns about Michael Saylor s bitcoin sales, according to Charles Schwab s Jim Ferraioli. By Helene Braun | Edited by Stephen Alpher Jun 3, 2026, 6:48 p.m. 4 min read Make preferred on (Michael M. Santiago/Getty Images) What to know : Bitcoin’s recent underperformance is less about fading institutional demand or Michael Saylor’s sales and more about losing its status as the market’s dominant momentum trade, according to Charles Schwab analyst Jim Ferraioli. Capital that once chased speculative gains in crypto is increasingly flowing to other hot narratives such as gold, artificial-intelligence-related stocks and IPOs, often via crypto-native platforms that now enable trading of non-crypto assets. Despite growing institutional adoption, regulatory progress and expanded ETF access, bitcoin remains primarily a retail, momentum-driven asset, and seasonal weakness plus investors’ desire to exit at breakeven have left it struggling to attract fresh buying. Bitcoin s BTC $ 65,933.97 recent struggles to rise in tandem with U.S. stocks has sparked a wave of explanations, from concerns about Michael Saylor s Strategy (MSTR) selling bitcoin to questions about whether institutional demand is beginning to fade.