MarketsShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailTom Lee views Strategy's bitcoin sale as standard 'bottom behavior'

Bitmine Immersion Technologies chairman emphasized that minor transactions by significant stakeholders and institutional outflows are normal occurrences at market bottoms, rather than signs of systemic issues.

By Olivier Acuna|Edited by Jamie CrawleyUpdated Jun 2, 2026, 12:53 p.m. Published Jun 2, 2026, 12:05 p.m. 2 min readMake preferred on

Lee indicated that Michael Saylor's recent bitcoin sale and the unprecedented ETF outflows should not be interpreted as threats but as typical market behavior.(Olivier Acuna/CoinDesk)

Key Points:

  • Tom Lee from Bitmine Immersion claimed that the current anxiety in the bitcoin market, including Strategy’s recent minor sale, is a common characteristic of market bottoms rather than an indication of deeper issues.
  • The sale of 32 bitcoins for approximately $2.5 million constituted only 0.004% of the company's extensive 843,700 BTC holdings, and Wall Street experts generally regard it as economically negligible.
  • Despite a streak of $3.4 billion in outflows from U.S. spot bitcoin ETFs lasting 11 days, Lee reaffirmed that his firm's overall strategy remains intact, with a continued focus on accumulating ether.

According to Tom Lee of Bitmine Immersion (BMNR), the recent institutional shifts and insider activities should be viewed as normal bottom behavior in the market.

Lee rejected the notion that Strategy's decision to sell 32 BTC indicates any forthcoming troubles.

"Michael mentioned he intended to sell bitcoin, and now he's doing what he said he would," Lee remarked in an interview on Tuesday. "Ultimately, he still possesses 99.99% of his bitcoin, and he profits only if bitcoin appreciates."

Saylor's choice to sell bitcoin at an average price of $77,135, generating around $2.5 million for preferred stock dividends, raised concerns. This marked the first bitcoin sale by the corporate giant in almost four years, leading to speculation about a potential shift in stance from a prominent institutional supporter of the asset.

The company continues to hold over 843,700 BTC, meaning this sale represented a minuscule 0.004% of its total reserves. Analysts on Wall Street largely concur that this transaction does not materially affect the fundamental accumulation strategy.

Lee's remarks come amid growing industry concerns following the longest outflow duration (11 consecutive days) since the inception of U.S. spot exchange-traded funds (ETFs) in January 2024, totaling $3.4 billion. He noted that such capital departures are classic trailing indicators of a market cycle reset.

"This is what you expect at the bottom," Lee elaborated. "People tend to sell at the bottom, correct?"

Even with short-term downward price pressures and market anxiety, Lee assured that Bitmine's broader macroeconomic strategy remains unchanged, including its ongoing approach to other key layer-1 assets.

Lee also confirmed that the company's plans to accumulate ether (ETH) continue to progress "as scheduled."

Last week, Bitmine increased its ETH purchases, marking its most significant acquisition since December. It acquired 111,942 ether (ETH), valued at approximately $237 million at current market rates, bringing its total holdings to nearly 5.4 million ETH, which is around 4.47% of the circulating supply of ether.

Read more: Saylor's Strategy sold bitcoin for the first time since 2022. These firms are still buying

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