Michael Saylor Rejects Jim Cramer’s Blame as Bitcoin Falls to $59K

Bitcoin advocate and Strategy Executive Chairman Michael Saylor has pushed back against claims that he is responsible for Bitcoin’s latest price decline. His response came after CNBC host Jim Cramer suggested that Saylor played a role in the recent Bitcoin selloff, which saw BTC plunge to $59,000, its lowest level in nearly two years.

As Bitcoin broke below the critical $60,000 support level, the cryptocurrency market experienced intense selling pressure. Bitcoin has dropped more than 7% in the last 24 hours and nearly 20% over the past week, triggering billions of dollars in liquidations across leveraged positions.

Reacting to the market downturn, Jim Cramer posted on X that “Saylor murdered Bitcoin.” The comment quickly gained attention within the crypto community. However, Saylor dismissed the accusation with a brief but confident reply, stating, “It’s just a flesh wound, Jim.”

The debate intensified as CryptoQuant CEO Ki Young Ju defended Saylor and challenged the narrative that Strategy’s Bitcoin activities caused the selloff. According to Ju, the broader market dynamics and large-scale selling from early Bitcoin holders have had a much greater impact on BTC price action over the past two years.

Ju highlighted that long-term Bitcoin whales have collectively sold approximately 1.24 million BTC during that period. In comparison, he argued that Strategy’s reported sale of just 32 BTC is insignificant and cannot reasonably be blamed for the current market decline.

He also emphasized that institutional demand from Strategy and spot Bitcoin ETFs has played a major role in supporting Bitcoin’s price over recent years. Ju noted that these buyers absorbed substantial amounts of Bitcoin supply, helping maintain stronger market conditions despite ongoing selling pressure from early investors.

“Bitcoin is much higher today because of Saylor’s buying,” Ju said, adding that the market should recognize the positive impact of institutional accumulation.

Meanwhile, analysts at Citigroup recently linked the Bitcoin price crash to significant outflows from spot Bitcoin ETFs. They also concluded that Strategy’s limited Bitcoin sale had little influence on the broader market downturn, suggesting that larger market forces remain the primary driver of Bitcoin’s recent volatility.