Saylor blamed AI for bitcoin crash. Arca has one word for that: Nonsense

Arca rejected Michael Saylor's assertion that artificial intelligence (AI) caused the recent Bitcoin (BTC) price drop, instead attributing the decline to a significant sale of 32,000 BTC by MicroStrategy. Arca's chief investment officer, Jeff Dorman, stated in a blog post on June 20, 2024, that the narrative blaming AI for capital rotation was "nonsense." Dorman explained that the sell-off was directly linked to MicroStrategy's decision to liquidate a portion of its Bitcoin holdings. He further elaborated that while AI can influence trading algorithms and market sentiment, it does not possess the agency to unilaterally trigger a market-wide crash of this magnitude. Arca's analysis points to the sheer volume of the sale by MicroStrategy as the primary driver, a factor that would overwhelm typical AI-driven market fluctuations. The firm maintains that attributing the crash to AI overlooks the more direct and substantial impact of large-scale asset liquidation by a major holder.