Bitmain Chairman Tom Lee stated in an interview with CoinDesk that the recent sale of Bitcoin by Strategy and the record outflows from spot Bitcoin exchange-traded funds (ETFs) are typical lagging indicators that appear when a market cycle is hitting bottom.

Previously, Strategy sold 32 BTC at an average of $77,135. This marks the first time the company has sold Bitcoin in four years.

Tom Lee dismissed the sale, stating, "It was simply sold to secure funds for paying preferred stock dividends, and it was an already announced move." In reality, Strategy holds a total of over 843,700 BTC, and this sale volume represents merely 0.004% of its total holdings.