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Bitcoin block trades on Deribit show institutions positioning for a move higher, then a pause near $75,000 through the end of July. The flows point to caution and targeting. Laevitas data showed this week’s main trade as a long call butterfly for the July 31, 2026, expiry. The structure used 3,100 contracts across $70,000, $75,000, and $80,000 strikes.
The setup aims for maximum profit if Bitcoin expires near $75,000. It also limits risk outside the $70,000 to $80,000 range, which signals a view for modest upside and then stability.
Block trades are large, privately negotiated options deals. Institutions often use them to avoid moving the market while they build positions.
Michael Saylor also sharpened market focus after he changed the meaning of his long-held Bitcoin message. On June 11 at BTC Prague, he said the advice to never sell Bitcoin applied to individual investors. He said the rule did not bind MicroStrategy. He added that the company could sell Bitcoin whenever its finances require it.
The statement came after a routine SEC filing showed MicroStrategy sold 32 Bitcoin between May 26 and May 31. The company sold the coins for about $2.5 million at an average price of $77,135.
The sale marked MicroStrategy’s first Bitcoin sale since 2022. It remained small relative to the company’s 843,706 BTC treasury, which was worth about $61 billion at the time.
Still, the sale carried symbolic weight. For years, Saylor framed selling as a mistake and repeated that Bitcoin should only be accumulated and held.
Read More: Strategy (MSTR) Stock Falls as Bitcoin Weakness Tests Saylor’s Buying Strategy
Markets reacted quickly after the filing. MicroStrategy shares fell about 6%, while bitcoin dropped roughly 3.5% as the news spread. The criticism sharpened as Saylor had recently told CNBC a different story. In February 2026, he said MicroStrategy would keep buying bitcoin and would refinance debt before selling any holdings.
Four months later, the company sold Bitcoin to help fund preferred stock distributions. Saylor also said the company never claimed it would never sell Bitcoin. There were earlier hints. In early May, he said MicroStrategy might sell a little Bitcoin to fund a dividend and “inoculate the market.” The filing also showed roughly $128 million in MicroStrategy stock sales.
The company did keep buying Bitcoin. It spent about $101 million on 1,550 BTC shortly after, at a lower price near $65,000. That lifted its total holdings to 845,256 BTC.
The larger issue now sits with the company’s premium-valued stock. MicroStrategy has used that premium to issue equity and buy more Bitcoin, so the premium remains central to its model
Deribit block flows show institutions expecting bitcoin to climb toward $75,000 and then settle there. At the same time, Michael Saylor narrowed his “never sell” message after MicroStrategy sold 32 Bitcoin and also sold stock. The move adds fresh pressure on the company’s Bitcoin strategy and market premium.
