Michael Saylor published an essay on Friday calling for Bitcoin’s “disciplined expansion” through banks, companies, securities, credit and capital markets, arguing Bitcoin’s base layer should be treated as “sacred infrastructure.”
The essay arrives as bitcoin trades around $61,769, down sharply from recent highs, with Strategy’s mNAV having dropped to around -11% and investors growing increasingly nervous about the pullback.
ETF outflows pile up
Spot Bitcoin ETF outflows have been severe in recent weeks, with weekly net outflows of $1.42 billion, $1.26 billion and $1 billion in the last three weeks of May, followed by $1.4 billion so far in the current week.
Strategy also recently sold 32 bitcoin to fund preferred stock dividends — its first sale since 2022 — denting the “never sell” narrative that has long surrounded Saylor’s corporate bitcoin strategy.
Although Saylor also posted on X today, simply writing:
Earlier this week he framed the broader market pressure in a separate post, writing:
Analysts split on demand reset
Lacie Zhang, research analyst at Bitget Wallet, said bitcoin may already be closer to clearing the episode than equity markets after a $1.8 billion liquidation wave, deeply negative funding rates and a sharp reset in open interest.
Zhang said a retest of $55,000 to $57,000 remains possible if outflows persist, adding:
“The key question is not just whether BTC holds $63K, but whether ETF flows stabilize, exchange reserves keep falling, and whale accumulation picks up.”
Nicolai Sondergaard, research analyst at Nansen, gave a more cautious view, saying exchange flow data suggests participants are using bitcoin’s bounce from around $61,000 to reduce exposure rather than add to positions.
Without visible re-entry from institutional buyers, he said the market may struggle to rebuild momentum.
Saylor’s vision beyond ETFs
In his essay, Saylor described four broad Bitcoin ideologies — maximalists, capitalists, technologists and fundamentalists — arguing each group protects something important but can go too far if its view becomes absolute.
His “disciplined expansion” thesis most closely fits the capitalist view, treating bitcoin as digital capital embedded in balance sheets, corporate treasuries, collateral structures and capital markets rather than held only through spot investment products.
The framing sets up a contrast with ETF-based exposure, where institutional adoption is measured largely through inflows and outflows, pointing instead to a more structural role for bitcoin in the global financial system.
