Saylor or OG whales: Who's really crashing Bitcoin?

Bitcoin extended its pullback to a new yearly low of $59.1K on Friday, reigniting debate over who's actually selling the asset.

BTC's drop on the 5th of June cracked the February support at $60K, and analysts projected the next price floor could land near its realized price level of $53K.

The asset was trading at $60K as of writing, but Friday's sharp plunge triggered intense debate among analysts. Worth noting: every market dumped after the U.S. jobs report, not just Bitcoin. Small comfort.

For popular TV host Jim Cramer, Bitcoin was "murdered" by Michael Saylor after Strategy sold 32 BTC last week. Just 32 BTC, for the record.

CryptoQuant CEO Ki Young Ju pushed back, pointing pressure at OG whales — old players who acquired BTC cheaply and have held it for over five years. He countered Cramer's take, saying: "Criticism over Bitcoin's price decline should be directed more at OG whales than at Saylor. Can we really compare the 1.24M BTC that OG whales sold to Saylor and ETFs over the past two years with the 32 BTC Saylor sold?"

Young Ju added that BTC would be trading at $22K today if Saylor hadn't stepped in to buy over 800K BTC, which Strategy currently holds.

Bloomberg ETF analyst Eric Balchunas echoed Young Ju's sentiment, adding: "This guy gets it. I've been saying the same thing. The enemy is within…"

Chart data shows OG supply did offload some holdings during the 2024 and 2025 rallies (red dips). The November 2025 sell-offs peaked at 1 million BTC, underscoring massive investor exits.

Meanwhile, the net position change for old supply turned positive in 2026. While not a direct sign of active accumulation, it suggests those holding BTC for more than 6 months are becoming long-term holders.

Overall, the week's deeper BTC correction coincided with macro pressure. Analysts remain divided on who's actually exerting the selling pressure.