On-chain data indicates that MicroStrategy (NASDAQ: MSTR) and Trump Media have moved approximately $193 million worth of Bitcoin over the past two days, signaling potential further reductions in their BTC holdings.

The transactions come as Bitcoin faces continued selling pressure following a rejection at the $65,000 level. The simultaneous movement by two of the most closely watched corporate Bitcoin holders adds to broader market unease, as large on-chain transfers from major holders — particularly to exchange-linked addresses — have historically preceded periods of elevated selling activity.

MicroStrategy Transfers 299.84 BTC

Michael Saylor's firm, Strategy — widely known as MicroStrategy — has not made any new Bitcoin purchases in five weeks. During this period, the company has been selling MSTR stock while accumulating USD cash reserves.

Arkham Intelligence data shows that a wallet linked to Strategy transferred 299.84 BTC, valued at approximately $18.91 million, roughly nine hours before the report. This marks the first movement from the wallet since July 1–5, when MicroStrategy sold approximately 3,588 BTC worth $216 million.

The latest transfer has raised investor concerns about whether the company is preparing for another round of Bitcoin sales.

Trump Media Moves 2,628 BTC

A wallet linked to Trump Media transferred 2,628 BTC, worth nearly $165 million. The crypto firm associated with President Donald Trump appears to be reducing its Bitcoin holdings.

According to Arkham Intelligence, Trump Media initially acquired 11,542 BTC for approximately $1.37 billion at an average purchase price of $118,522 per BTC. The company reportedly began selling seven months ago and has since offloaded 7,281 BTC for around $545 million at an average selling price of $74,855. On its remaining position, Trump Media holds an unrealized loss of nearly $555 million.

The gap between Trump Media's average purchase price and current Bitcoin levels near $63,000 underscores the extent of the firm's underwater position relative to its cost basis.

Michael Saylor Highlights 200-Week Moving Average

Michael Saylor stated that the firm has added Bitcoin's 200-week moving average (WMA) tracker to its website. He noted that since the metric became available, Bitcoin has traded above the 200-WMA approximately 92% of the time.

According to Saylor, Bitcoin is currently trading almost exactly at this level, making it a critical juncture for the cryptocurrency. The 200-week moving average is widely followed by long-term Bitcoin market participants as a historical inflection point between bullish and bearish macro trends.

Analyst Warns of Double-Top Pattern

Crypto market analyst Ardi highlighted that Bitcoin may be forming a double-top pattern on the 1-hour chart, signaling a potential short-term bearish setup. The analyst identified the neckline just below $63,000 as the key lower-timeframe support level to monitor.

Ardi cautioned that Bitcoin may fail to hold above this support. If the price falls below it, the cryptocurrency could experience a deeper pullback in the coming days.

Source: The Market Periodical