On June 4, the crypto market sentiment analytics firm Santiment reported that social media attributions for Bitcoin’s drop have shifted to Michael Saylor. After Saylor posted on X on June 3—following Bitcoin falling to $66,000 and more than $1.68 billion in forced liquidations in the crypto market—he wrote, “Keep working.” On the day, Bitcoin forced liquidations totaled $792.42 million.
Santiment Social Media Narrative Data: From War to Saylor
(Source: Santiment)
The trajectory of social media narrative changes in Santiment’s report: from March to early April, whenever Bitcoin fell, discussions involving key terms such as Iran and Israel, as well as war-related topics, surged and became the mainstream market attribution. In recent days, war-related discussions have fallen significantly, replaced by increased mentions of Saylor and Strategy. Santiment noted that regardless of whether this concern is justified, the data clearly shows the speed at which collective public opinion has shifted.
Confirmed Data on the Bitcoin Liquidation Event
The following numbers were confirmed during the process in which Bitcoin fell from about $74,000 to $66,000:
Total crypto liquidation value: over $1.68 billion
Number of traders involved: 264,000
Bitcoin liquidation value: $792.42 million
Long positions liquidation amount: $715.85 million
Strategy unrealized loss on holdings: over $7.18 billion (based on market value)
Strategy Financial Situation: Reserves, STRC, and Analyst Assessment
Strategy’s financial structure data: 843,706 BTC total holdings; STRC preferred stock annualized dividend yield of 11.5%; after a recent $1.5 billion debt buyback, its fiat reserves fell to $871 million (the report says this implies about seven months of dividend expenses); STRC has fallen below $100 par value, and MSTR’s weekly decline reached 15%.
Analysts pointed out that compared with its holdings of 843,706 BTC, the sale of 32 BTC is mathematically negligible. The core issue is whether Strategy can stabilize its preferred stock debt obligations without selling more Bitcoin, while maintaining normal dollar average cost buying operations.
FAQ
What specific data does Santiment’s report analyze?
Santiment tracks the frequency of key keyword mentions on social media and changes in sentiment. The report shows that from March to early April, war-related keywords surged during Bitcoin’s decline. In early June 2026, this pattern has shifted to a surge in mentions of Saylor and Strategy. Santiment’s charts illustrate the specific timing of this shift.
What is the background of Saylor’s post “Keep working”?
On June 3, 2026, Saylor published this message on X. The timing was after Bitcoin dropped from about $74,000 to $66,000 and after more than $1.68 billion in forced liquidations occurred in the crypto market. The post sparked division in the market: some traders viewed it as a bottoming signal, while others expressed concern about Strategy’s balance sheet situation.
How do analysts assess Strategy’s current financial pressure?
Analysts said that selling 32 BTC is mathematically negligible compared with the scale of Strategy’s total holdings of 843,706 BTC, but it breaks the company’s long-standing “never sell” image. The core focus is STRC preferred stock’s 11.5% annualized dividend obligation, its fiat reserves (down to $871 million), STRC falling below $100 par value, and an unrealized loss of over $7.18 billion on holdings of 843,706 BTC.
