Michael Saylor is selling MSTR stock to buy more private bitcoin.

Bitcoin markets have held their gains until the new year. However, some of the biggest players in the industry may be selling related stocks, indicating significant potential for a market correction.

According to a Jan. 2 filing with the U.S. Securities and Exchange Commission, MicroStrategy Executive Chairman Michael Saylor has begun selling shares in the company. However, he has already said that the proceeds from the sale will go towards buying more bitcoins.

Saylor exercise options

Michael Saylor cooperated with the regulator to exercise MicroStrategy's stock options. It will sell 315,000 shares worth about $216 million, according to the filing.

On the fourth quarter conference call, Saylor explained that he was granted a stock option for 400,000 shares in 2014. If not practiced by then, this will expire in April, he added.

“For almost ten years now, at my request, the company has only paid me a salary of $1 and I have chosen not to be eligible for any cash bonus.”

Using this option will help meet financial obligations “as well as earn more bitcoins for my personal account,” he said.

Saylor will sell 5,000 shares each trading day starting on January 2nd and ending on April 25th. He said he would retain a “very significant” stake in the company even after the sale.

In late December, Saylor said the approval of a spot Bitcoin ETF could be the biggest Wall Street development in 30 years.

Read more: Boost your investments with BTC price predictions

According to “Insider Tracker,” which tracks the stock trading of CEOs, executives, and members of Congress, Coinbase insiders are dumping the company's stock.

Coin prices have fallen by 16 percent since the sale began, he reported. It has fallen 10% since it began trading this year, falling to $157 after hours on January 2.

Stock cooling is predicted

Moreover, investment strategies are predicting stock market slowdowns.

“It's not uncommon for markets to pause to digest the bull flow experienced in the fourth quarter,” John Stoltzfus, chief investment strategist and managing director at Oppenheimer, wrote in a Jan. 2 note to clients.

A correction in US stock markets may be reflected in crypto markets. However, they remained flat at $1.81 trillion during the day, while BTC is holding at $45,216 at the time of writing.

Additionally, several technical indicators, including the Puell Multiple, have indicated overbought conditions, which could signal a reversal.