JPMorgan said Strategy’s revised Bitcoin monetization policy could make the company both a major buyer and a potential seller of Bitcoin, increasing market uncertainty and risking investor confidence. Scrutiny increased after on-chain data showed a possible 491 BTC transfer on July 1 from a wallet some traders linked to Strategy, though the transaction remains unverified and may have been a custody move or internal shuffle rather than a sale. JPMorgan has argued that allowing selective BTC sales to fund preferred stock dividends, bond interest, buybacks and balance-sheet needs creates avoidable two-way flow risk. Arkham analyst Emmett Gallic said the wallet activity diverges from confirmed Anchorage custody patterns, citing unusual UTXO sources, withdrawal behavior, Galaxy Deposit usage, counterparties and the smaller-than-usual transaction size as reasons for caution.