Bitcoin slipped to $59,100 on Friday, its lowest level of the year, after a hotter‑than‑expected U.S. non‑farm payroll report dented risk‑asset sentiment. The move reignited a debate over whether the price drop was driven by profit‑taking from long‑term “OG” whales or by MicroStrategy’s recent sale of 32 BTC.

1.2 million BTC sold by OG whales during 2024‑25 rallies

On‑chain analysis cited by CryptoQuant shows that holders who bought Bitcoin five years ago or more off‑loaded roughly 1.24 million BTC across the 2024 and 2025 rally cycles , with a peak outflow of about 1 million BTC in November 2025. Ki Young Ju, CryptoQuant’s CEO, argues that this volume dwarfs MicroStrategy’s 32‑BTC transaction and points to the veteran cohort as the primary source of selling pressure.

MicroStrategy’s 800,000‑BTC accumulation as a price floor

Ju also claims that without Michael Saylor’s ongoing purchases – now exceeding 800,000 BTC – Bitcoin could be trading near $22,000. According to the same on‑chain data, corporate buying has acted as a stabilising counterweight to the whale‑driven outflows,preventing a deeper plunge.

Hot U.S. jobs data and AI hype amplify the sell‑off

The stronger‑than‑expected payrolls report raised expectations of a less dovish Federal Reserve, prompting a cross‑asset sell‑off that hit crypto alongside equities. Analysts also note that the recent AI investment frenzy has siphoned capital away from Bitcoin, adding macro pressure to the already‑present whale distribution.

Early 2026 on‑chain metrics hint at a calmer “old supply” cohort

Data released for early 2026 shows the net position change for the “old supply” cohort turning positive,suggesting that holders with more than six months of ownership are moving toward a steadier,longer‑term stance.. While this does not imply fresh buying, it may reduce near‑term sell pressure.

Who really moved the market? The missing corporate voice

Although MicroStrategy’s sale is frequently highlighted, the company itself has not publicly linked the transaction to market dynamics. The focus on Michael Saylor’s actions,amplified by TV host Jim Cramer’s claim that Bitcoin was “murdered” by Saylor, may overstate the corporate impact relative to the broader whale activity.

According to AMBCrypto, the debate underscores how a few high‑profile moves can dominate headlines even when the bulk of supply‑side dynamics involve a dispersed group of long‑term holders.