Saylor Sells, Lee Buys: Whale Accumulation and Stablecoin Divergence Create Market Tension

The strategy of Michael Saylor's company, MicroStrategy, and Tom Lee, a prominent cryptocurrency analyst, is at odds. While Saylor keeps selling Bitcoin (BTC), Tom Lee continues to buy. This contrast is reflected in their recent actions: Saylor sold another 1,638 BTC, while issuing shares to fund STRC buybacks and create a $4B dividend buffer. Meanwhile, BitMine, a company associated with Lee, kept buying Ethereum (ETH) towards its 5% supply target, with annualized staking revenue covering the costs.

Whales, or large Bitcoin holders, are accumulating at an increasing pace. Their wallets have grown from 2.87M to 3.06M coins since December 2025. Similarly, Ethereum whale cohorts sit at record highs, and XRP order flow shows passive absorption. This accumulation is a positive sign for the market.

However, a stablecoin divergence is flashing for the third time. The supply of USDT+USDC keeps shrinking while BTC bounces off $58K. This setup preceded a 36% drop in early this year and suggests a bearish trend until the divergence resolves.