Yeah but they sold at a loss and didn't report it until July 2022 (after BTC was already at $20k)... which means they definitely were selling in Q2 not Q1. There's a reason why the initial drop was thought to just be another 30% dip along the path to $100k... it's because none of the bearish stuff was public yet.
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This cycle is Microstrategy which will probably nuke the market at some point...
You have to believe Saylor is actually going to sell Bitcoin for that to happen :D
Honestly I'm not sure if that's where the overleverage will come from.
Blackrock and Fidelity are candidates.
So is Coinbase who custodies all their coins.
And now banks are getting involved in a big way as well.
It will probably be a domino combination of things just like last cycle.