Why is Jim Cramer calling Bitcoin’s latest crash a murder?

Bitcoin has fallen below $64,000 after Strategy’s small BTC sale intensified pressure on a market already facing ETF outflows and renewed criticism from high-profile skeptics.

According to Strategy’s latest disclosure, the Michael Saylor-led Bitcoin treasury firm sold 32 BTC after trading opened on Monday, days after BTC traded just under $74,000 on June 1. The sale was small compared with the company’s total holdings, but traders quickly focused on the timing because Strategy has long been viewed as one of Bitcoin’s most visible corporate backers.

Bitcoin dropped sharply after the announcement, while Strategy shares also came under pressure. Market data cited in the report showed MSTR down about 15% since the disclosure, with the company sitting on an unrealized Bitcoin loss of roughly $10.8 billion.

Cramer Says Strategy Sale Shook Bitcoin Confidence

CNBC host and former hedge fund manager Jim Cramer said Saylor’s decision has unsettled crypto traders because many investors believed Strategy helped support Bitcoin’s previous highs.

In his remarks after the disclosure, Cramer said he may need to rethink his pro-Bitcoin view because Strategy had “propped it up” for years. He described Strategy as a “key trampoline” for Bitcoin, although he said calling the move market manipulation would be “too strong.”

Cramer later argued that the sale changed how investors viewed Bitcoin’s recent rise. He said many traders now believe crypto reached earlier peaks largely because of Saylor’s continued buying. Responding to Strategy’s unrealized loss, Cramer referred to Bitcoin’s “murder” and criticized the company’s position.

ETF Outflows Add Pressure to Bitcoin

SoSoValue data showed that U.S. spot Bitcoin ETFs posted $2.43 billion in net outflows in May. The same data showed another $1.40 billion leaving the funds during the first three days of June.

Those withdrawals added pressure after Bitcoin had already struggled for months following the Oct. 10 flash crash last year. The ETF data suggests institutional demand has weakened at the same time Strategy’s sale has raised questions about corporate support for BTC.

Bitwise advisor Jeffrey Park offered another explanation for the withdrawals. Park said some investors may be moving money out of Bitcoin to prepare for expected IPO opportunities, including SpaceX and Anthropic.

Schiff Renews Attack on Saylor’s Bitcoin Strategy

Economist and longtime Bitcoin critic Peter Schiff said the latest price action represents more than normal volatility. Schiff argued that investors are selling Bitcoin to avoid larger losses or to move toward other investment opportunities.

Schiff also claimed Saylor is caught in a difficult cycle because Strategy needs to keep buying Bitcoin as other investors sell. According to Schiff, the company’s ability to support Bitcoin depends on whether it can continue issuing stock.

He further argued that Strategy could face problems if MSTR shares trade at a discount. In Schiff’s view, weaker access to share issuance would hurt the company’s ability to buy more Bitcoin and maintain confidence in its treasury plan.

Although Strategy’s 32 BTC sale was small, the market reaction showed how closely investors track Saylor’s moves. Cramer, Schiff, and ETF flow data each placed Strategy back at the center of the Bitcoin debate.