As cryptocurrency markets continue to face downward sentiment, on-chain data sparked speculation over whether Michael Saylor’s company, Strategy (NASDAQ: MSTR ), had off-loaded billions of dollars worth of Bitcoin ( BTC ) this week. However, new evidence shows the movements were not sales, they were part of a large-scale custodial migration quietly unfolding for two weeks. On November 14, blockchain analytics firm Arkham detected a massive cluster of transactions involving Strategy-linked wallets. Since midnight UTC, the company shifted 43,415 BTC, roughly $4.26 billion, across more than 100 addresses. The activity fueled panic that one of the world’s largest corporate Bitcoin holders might be liquidating its position. Fresh insights indicate the Bitcoin was not sent to exchanges or off-ramps but routed through internal infrastructure tied to both Strategy’s existing custodian, Coinbase Custody, and a newly adopted custodian. DID SAYLOR SELL $4 BILLION TODAY? No. Strategy has been moving billions of dollars of BTC in the past 2 weeks as part of what appears to be a change in custodians for some of their Bitcoin. Our research team wrote a deep-dive on Strategy’s recent movements and activity, to help… https://t.co/1pvycnF3ZX — Arkham (@arkham) November 14, 2025 The movement matches a pattern seen throughout the month: inbound and outbound transfers between old and new custodian addresses, wallet refreshes, and internal fund reorganizations. The November 14 flows were consistent with that ongoing process. Strategy has been transitioning part of its holdings away from Coinbase’s legacy setup, with large BTC batches periodically re-labeled as they arrive in new wallets. None of the transactions show signs of liquidation, sell-side pressure, or distribution to market-making venues. The timing intersects with heightened market sensitivity. Bitcoin has been under price pressure, and Saylor’s firm is often viewed as a bellwether for institutional conviction. Despite Strategy not signaling selling, analysts are growing cautious about the company’s Bitcoin outlook. Strategy warning signal To this end, Bloomberg Intelligence senior commodity strategist Mike McGlone noted on November 14 that key market indicators are weakening as Strategy’s trend gauge has turned oversold, historically a sign broader risk assets may follow. The Strategy indicator. Source: Bloomberg Intelligence The indicator is rolling over ahead of Bitcoin, a pattern that in past cycles has marked the early stages of fading momentum. The shift comes as Bitcoin’s long-term momentum softens and the S&P 500 trades about 10% above its 200-day moving average, with volatility near multiyear lows, a setup that often precedes a pullback toward trend. At the same time, gold’s surge to its strongest premium over major moving averages in roughly half a century signals rising demand for safety. With beta trades losing momentum and pressure building across risk assets, early signs suggest market resilience may be starting to crack. By press time, Bitcoin was trading at $95,568, down 0.34% in the past 24 hours and more than 6% on the week. Featured image via Shutterstock The post Did Michael Saylor dump $4 billion Bitcoin? appeared first on Finbold .
